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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
December 16, 2016
For Immediate Release
Real Estate Investment Trust:
MIRAI Corporation
Michio Suganuma, Executive Director
(Securities Code: 3476)
Asset Management Company:
Mitsui Bussan & IDERA Partners Co., Ltd.
Michio Suganuma, Representative Director, President
Contact: Takashi Ueno, Executive Director, CFO
TEL: +81-3-5771-9100
Notice Concerning Completed Acquisition of Real Estate Trsut Beneficiaries in Japan
MIRAI Corporation (hereinafter “MIRAI”) announces today that it has completed the acquisition of real estate trust
beneficiaries in the 15 properties listed below that were stated in the securities registration statement submitted on
November 11, 2016. Because the sellers of Shinagawa Seaside Park Tower, Shinjuku Eastside Square, miumiu Kobe (land)
and Shibuya World East Building fall under interested parties in the Interested Party Transactions Rule of Mitsui Bussan &
IDERA Partners Co., Ltd. (hereinafter the “Asset Manager”), the necessary deliberations and resolutions based on the
Interested Party Transactions Rule and other internal rules have been executed.
1. Overview of Acquisition
Asset Type (Note 1)
Name Location Acquistion Price
(million yen) (Note 2)
Office
Large-sized
Shinagawa Seaside Park Tower Shinagawa-ku, Tokyo 32,000
Kawasaki Tech Center Kawasaki, Kanagawa 23,182
Shinjuku Eastside Square Shinjuku-ku, Tokyo 10,000
Mid-sized Hillcoat Higashi-Shinjuku Shinjuku-ku, Tokyo 3,900
Retail
Urban miumiu Kobe (land) (Note 3) Kobe, Hyogo 6,300
Shibuya World East Building Shibuya-ku, Tokyo 3,200
Community
based
AEON Kasai Edogawa-ku, Tokyo 9,420
DAIKI Izumi-Chuo Izumi, Osaka 3,000
Hotel
Budget
Hotel Sunroute Niigata Niigata, Niigata 2,108
Daiwa Roynet Hotel Akita Akita, Akita 2,042
Super Hotel Sendai / Hirosedori Sendai, Miyagi 1,280
Super Hotel Osaka / Tennoji Osaka, Osaka 1,260
Super Hotel Saitama / Omiya Saitama, Saitama 1,123
Super Hotel Kyoto Karasuma Gojo Kyoto, Kyoto 1,030
Comfort Hotel Shin-Yamaguchi Yamaguchi, Yamaguchi 902
Portfolio (15properties) 100,747
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
(Note 1) “Asset Type” is a classification based on the usage of assets.
(Note 2) For “Acquisition Price,” the trading value of each acquired asset stated in the sale and purchase agreement of each asset is stated. The trading
value does not include the consumption tax, local consumption tax and expenses required for the acquisition, and it is rounded off to the nearest
million yen. The same shall apply below.
(Note 3) For “miumiu Kobe (land),” only the acquisition price of the land is stated because only the land has been acquired, and the building has not
been acquired as of today.
(1) Date of decision on
acquisition:
October 25, 2016
(2) Date of execution of
sale and purchase
agreement:
November 4, 2016 (Note 1) and November 10, 2016
(3) Date of acquisition: December 16, 2016 (Date of delivery and settlement)
(4) Sellers: Please refer to “2. Details of the Acquired Assets, (2) Overview of the Sellers” below.
(5) Funds for
acquisition:
Proceeds from the issue of new investment units and loans as resolved at the meeting of
the board of directors of MIRAI held on November 11, 2016 and December 7, 2016
(Note 3)
(6) Payment method: The entire amount will be paid on the date of acquisition.
(Note 1) Among the 15 acquired assets, Shinagawa Seaside Park Tower is the only asset of which sale and purchase agreement was signed on November 4, 2016.
(Note 2) For details of the loans, please refer to the “Notice Concerning Borrowing of Funds and Setting of Interest Rate Swaps” published today.
2. Details of the Acquired Assets
(1) Overview of the Acquired Assets
The overview of the individual assets, which are the acquired assets, and the overview of their leases are as stated in
the table below. Explanations of the entries in each column of the table are as described in (a) through (h) below. For
items with no note for the date, the conditions as of June 30, 2016 (information on tenants as of August 31, 2016) are
stated, in principle.
(a) “Nearest Station”
For the time required from the nearest station, a numerical value calculated based on the assumption that one
minute is required on foot for 80 meters of road distance is stated based on the Fair Competition Code on Real
Estate Labeling (Fair Trade Commission Public Notice No. 23 of 2005) and the Enforcement Regulation of Fair
Competition Code on Real Estate Labeling (Fair Trade Commission Approval No. 107 of 2005), rounded up to the
nearest whole number.
(b) “Address (Residential Address)”
For “Address (Residential Address),” the residential address of each property is stated. If the residential address is
not provided, the building’s location in the registration book (if there are more than one location, one of them) is
stated.
(c) “Land”
・ “Lot Number” is stated based on the description in the registration book.
・ For “Building Coverage Ratio” and “Floor Area Ratio,” the values stipulated in related laws and
regulations such as the Building Standards Act and the City Planning Act are stated, in principle.
In some of the acquired assets, certain easing measures or restrictive measures are applied to the
building coverage ratio and the floor area ratio stated in this press release.
・ For “Use Districts,” the use districts provided for in Item 1 of Article 8, Paragraph 1 of the City
Planning Act are stated.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
・ “Site Area” is based on the description in the registration book and may differ from the current
conditions. If the acquired asset is co-ownership interest in land, the entire area is stated.
・ For “Ownership Structure,” the type of rights owned by the trustee of the real estate trust relating
to the acquired asset is stated.
(d) “Building”
・ For “Date of Building,” the date of new construction recorded in the registration book is stated.
・ “Structure” is based on the description in the registration book.
・ For “Usage,” the main one of the building classifications in the registration book is stated.
・ “Gross Floor Area” is stated based on the description in the registration book. If the acquired asset is an exclusive
element of a unit ownership building, the area of the exclusive element owned is stated. If the acquired asset is a
common element of the building, the area of the entire building is stated.
・ For “Number of Parking Spaces,” the number of parking spaces provided on the site of each acquired asset
(including the parking spaces inside the building) as of August 31, 2016 is stated. Even if the co-ownership
interest or unit ownership of the acquired asset is acquired, the number of parking spaces in the entire acquired
asset is stated.
・ For “Ownership Structure,” the type of rights owned by the trustee of the real estate trust relating to the acquired
asset is stated.
(e) “PM Company”
For “PM Company,” the company with which MIRAI concludes a property management agreement for each
acquired asset is stated.
(f) “Master Lease Company”
For “Master Lease Company,” the company with which MIRAI concludes a master lease agreement for each
acquired asset is stated.
(g) “Special Comments”
In “Special Comments,” matters that are deemed important based on information as of August 31, 2016, such as
the relationships between rights and the use of individual assets and matters that are deemed important in
consideration of the impact on the appraised value, profitability and disposability of the assets are stated.
(h) “Overview of Lease”
・For “Overview of Lease,” the content of an effective lease agreement, etc. as of August 31, 2016 for each
acquired asset is stated based on the values and information provided by the seller of each acquired asset, etc.,
unless otherwise stated.
・For “Total Rentable Area,” the area that is rentable based on the lease agreement or the building drawings of the
building pertaining to each acquired asset as of August 31, 2016 is stated. For properties with land lease
rights, the area of the land with land lease rights is stated. In addition, only the area of the rooms for rent
is stated, in principle, and the area of incidental sections such as parking lots and warehouses is not
included.
・For “Occupancy Ratio,” the ratio of the total leased area to the total rentable area of each acquired asset as of
August 31, 2016 is stated, rounded off to one decimal place.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
・For “Principal Tenant,” a tenant with the largest leased area of the total leased area of each acquired asset is
stated. For properties with a fixed-rent master lease under which MIRAI will receive a certain amount of rent,
regardless of changes in the rents of end tenants, under the master lease concluded on the acquired asset, the
master lease company is stated. In addition, if consent regarding disclosure is not obtained from the end tenants,
“Not disclosed” is stated in the “Principal Tenant” column.
・For “Number of Tenants,” the number of tenants of each acquired asset is stated based on the lease agreement of
each acquired asset as of August 31, 2016 (limited to those who have already moved in as of this date).
However, if a master lease agreement is concluded for the acquired asset, the total number of end users (limited
to those who have already moved in as of this date) is stated for properties with a pass-through master lease in
which MIRAI receives rents from the end tenants as they are, in principle. For properties with a fixed-rent
master lease under which MIRAI will receive a certain amount of rent, regardless of changes in the rents of end
tenants, only the master lease company is stated as the tenant in the number of tenants, and the number of
tenants calculated using the number of tenants based on the lease agreements between the master lease company
and the end tenants for the relevant acquired asset is stated in parentheses. In addition, if only land with land
lease rights is acquired, the total number of the land lessees is stated. However, the number of tenants of
incidental parts such as parking lots and warehouses is not included.
・For “Annual Rent,” the annualized amount calculated by multiplying the monthly rent (including rent for rooms
and common area charges (if any) and excluding rent for incidental sections such as parking lots and
warehouses) by 12 is stated for the building indicated in the lease agreement of each acquired asset as of August
31, 2016, rounded down to the nearest million yen. In this calculation, the Annual Rent is calculated
based on the upper limit of fixed rent provided for in the agreement. In addition, for properties in which
the tenant becomes the sublessor as the master lease company, the annualized amount that is calculated by
multiplying the monthly rent in the lease agreement concluded with the end users by 12 is stated for properties
with a pass-through master lease in which MIRAI receives rents from the end tenants as they are, in principle,
while the annualized amount that is calculated by multiplying the monthly rent in the master lease agreement by
12 is stated for properties with a fixed-rent master lease in which MIRAI will receive a certain amount of rent,
regardless of changes in the rents of end tenants. Free rents and rent holidays as of August 31, 2016 are not
taken into account. If consent regarding disclosure is not obtained from the end tenants, “Not disclosed” is
stated.
・For “Guarantee Deposit,” the total amount of guarantee deposits required under the lease agreement of each
acquired asset as of August 31, 2016 (limited to those for tenants who have already moved in as of this
date) is stated, rounded down to the nearest million yen. However, guarantee deposit for incidental
sections such as parking lots and warehouses are not included. If a master lease agreement is concluded
for the acquired asset, the total amount of guarantee deposits under the lease agreements concluded with the
end tenants is stated, rounded down to the nearest million yen. If consent on disclosure is not obtained from
the end tenants, “Not disclosed” is stated.
・Even if the termination or cancellation of the lease agreement is offered by an end user, “Occupancy Rate,”
“Number of Tenants,” “Annual Rent” and “Guarantee Deposit” are stated based on the assumption that the lease
agreement with the end tenant exists if the agreement continues as of August 31, 2016.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Shinagawa Seaside Park Tower
Asset Category Core Asset
Asset Type Office
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 32,000 million yen Overview of
Trust
Beneficiaries
Trustee Mitsubishi UFJ Trust and Banking
Corporation Appraised Value 32,100 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust November 30, 2024
Nearest Station 2 minutes’ walk from Shinagawa Seaside Station of Tokyo Waterfront Area Rapid Transit and 8 minutes’ walk from Aomono
Yokocho Station of Keikyu Corporation
Address (Residential
Address) 4-12-4, Higashishinagawa, Shinagawa-ku, Tokyo
Land
Lot Number 4-100-2, Higashishinagawa, Shinagawa-ku,
Tokyo
Building
Date of Building
1) September 30, 2002
2) (B101) July 25, 2003 (Note 4)
3) (B108) July 25, 2003 (Note 4)
Structure (Note 5) Building
Coverage
Ratio
70% (Note 1)
Floor Area
Ratio 599.06% (Note 2) Usage (Note 6)
Use Districts Quasi-industrial districts Gross Floor Area 55,930.90 ㎡ (Note 7)
Site Area 17,386.11 ㎡ (Note 3) Number of
Parking Spaces 63
Ownership
Structure Ownership rights (Co-ownership)
Ownership
Structure Unit ownership (Part co-ownership)
PM Company XYMAX ALPHA Corporation Master Lease Company -
Special Comments
Part of the entire site of “Shinagawa Seaside Forest” that includes the site of this property is owned by a third party, and the right to mutually use the site is
established by the management bylaw.
(Note 1) The designated building coverage ratio is 60%, but it is eased to 70% for corner lots and fire-resistant buildings, given that there is a 50% regulation on redevelopment
district planning areas.
(Note 2) The designated floor area ratio is 300%, but the floor area ratio for the entire A-1 Block including the site of this property is set at 599.06% based on the accreditation in
Article 86, Paragraph 1 of the Building Standards Act (accreditation of collective housing facilities).
(Note 3) The percentage of the co-ownership interest that constitutes the trust pertaining to trust beneficial interests that were acquired by MIRAI is 532,699/1,000,000.
(Note 4) The names in parentheses are those of the buildings stated in the registration book. For building 1), the name of the building is not stated in the registration book.
(Note 5) 1) Steel-frame/steel reinforced concrete building (hereinafter the “SRC”) with one floor, 2) Flat-roofed SRC, reinforced concrete (hereinafter the “RC”) and steel-frame
(hereinafter the “S”) building with 25 stories above ground and two underground stories, 3) SRC building with one floor.
(Note 6) 1) Parking space, 2) Store/Office, and 3) Parking space
(Note 7) This property is a unit ownership building, and the sum of the area of unit ownership that constitutes the trust pertaining to trust beneficial interests that were acquired by
MIRAI or the area of the excluding element corresponding to the percentage of co-ownership interest based on the property registration book is 51,637.15 m2 (excluding
accessory buildings). The area of each excluding element in the registration book and the percentage of the co-ownership interest in unit ownership that constitutes the trust
pertaining to trust beneficial interests that were acquired by MIRAI in the exclusive elements of buildings 1) and 3) are as follows.
1) 4,323.66 m2 (separately, there is the second underground portion of 3,375.10 m2 of the accessory building (parking lot)) (percentage of co-ownership interest:
213,061/1,000,000)
2) 49,665.50 m2 (separately, there is a total of 1,657.78 m2 of the first underground portion and the first and second stories above ground of the accessory buildings (stores,
warehouses and machine rooms))
3) 1,941.74 m2 (percentage of co-ownership interest: 540,983/1,000,000)
Overview of Lease
Total Establishment of security 35,024.82 ㎡ Occupancy Ratio 93.9%
Principal Tenant NTT COMWARE
CORPORATON Number of Tenants 22
Annual Rent 1,906 million yen Guarantee Deposit 1,514 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Kawasaki Tech Center
Asset Category Core Asset
Asset Type Office
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 23,182 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 23,800 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of
Trust November 27, 2025
Nearest Station 7 minutes’ walk from Keikyu Kawasaki Station of Keikyu Corporation and 9 minutes’ walk from Kawasaki Station of East
Japan Railway Company
Address (Residential
Address) 580-16, Horikawa-cho, Saiwai-ku, Kawasaki-shi, Kanagawa
Land
Lot Number
66-15, Horikawa-cho, Saiwai-ku, Kawasaki-
shi, Kanagawa Other 3 parcel of lands
585-15, Horikawa-cho, Saiwai-ku,
Kawasaki-shi, Kanagawa Other 1 parcel of
land
Building
Date of Building Febuary 22, 1988
Structure S/RC/SRC
B3/20F Building
Coverage
Ratio
100% (Note 1)
Floor Area
Ratio 700% (Note 2) Usage Office/ Parking space/ Store
Use Districts Commercial districts Gross Floor
Area 47,036.44㎡
Site Area 5,662.48㎡ Number of
Parking Spaces 133
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company CBRE K.K. Master Lease Company (Type
of Master Lease)
MIRAI Corporation
(Pass through)
Special Comments
A building adjacent to this property on its southeastern side and part of the building on this property are joined. No arrangements have been made concerning
the ownership of the joint portion with the owner of the adjacent building on the southeastern side.
(Note 1) The designated building coverage ratio is 80%, but it is eased to 100% for fire-resistant buildings in commercial districts and fire protection districts.
(Note 2) The land is located in the first specified block of Kawasaki Technopia (Kawasaki City Public Notice No. 121 of 1985), and the permissible floor area ratio is set at 700%
following the easing of the floor area ratio in the specified block.
Overview of Lease
Total Establishment of security 22,571.67㎡ Occupancy Ratio 96.0%
Principal Tenant Not disclosed Number of Tenants 19
Annual Rent 1,011 million yen Guarantee Deposit 588 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Shinjuku Eastside Square
Asset Category Core Asset
Asset Type Office
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
(50% quasi-co-ownership)
Purchase Price 10,000 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 10,050 million yen
(Date of Appraisal) (September 1, 2016) Expiry Date of Trust September 30, 2024
Nearest Station 1 minutes’s walk from Higashi-Shinjuku Station of Tokyo Metro and 6 minutes’s walk from Shinjuku -sanchome Station of
Tokyo Metro / Toei Transportation
Address (Residential
Address) 6-27-30, Shinjuku, Shinjuku-ku, Tokyo
Land
Lot Number 6-315-10, Shinjuku, Shinjuku-ku, Tokyo
Building
Date of Building March 26, 2012
Structure S/RC
B2/20F
Building
Coverage
Ratio
72.90% (Note 1)
Floor Area
Ratio 600% (See Special Comment) Usage Office/ Store/ Parking space
Use Districts Commercial districts Gross Floor Area 167,031.19㎡ (Note 3)(Note 4)
Site Area 25,320.28㎡ (Note 2) Number of
Parking Spaces 334
Ownership
Structure Ownership rights (Co-ownership)
Ownership
Structure Ownership rights (Co-ownership) (Note 4)
PM Company Mitsubishi Jisho Propery
Management Co., Ltd
Master Lease Company
(Type of Master Lease)
MITSUBISHI ESTATE CO., LTD.
(Pass through)
Special Comment
・ Matters pertaining to the first refusal right to transfer interests are stipulated in the agreement between the co-owners of this property, with the trustee as
the contracting party, and the agreement between the quasi-co-owners of trust beneficiaries.
・ Because this property is located in the planning area of the Shinjuku 6-chome Northwestern District Plan, the details of the District Plan shall be
followed whenever a building is constructed, and the accreditation in Article 86, Paragraph 1 of the Building Standards Act (accreditation of collective
housing facilities) is received, together with the residential building. The used floor area ratio of collective housing facilities is 599.99% (<permissible
floor area ratio 600%). The used floor area ratio is 608.09% in this property and 219.56% in the residential building, and extension, repair and
renovation beyond the maximum floor area ratio of collective housing facilities are not allowed. An agreement is concluded between the owner of the
residential building and the owner of the land promising to observe the restrictions regarding the floor area ratio.
・ The report of the inspection results of the fire defense equipment, etc. points out that the malfunction of a dumper inside the fan room was confirmed,
and it is agreed with the seller that it will be corrected at the expense of the seller.
(Note 1) The designated building coverage ratio floor is calculated by the weighted average of the subject areas because the land straddles the areas of the building coverage ratios of
60% and 80%.
(Note 2) Burdens are connected to a private road within the site, and the area of the burdens is 48.6 m2. The percentage of the co-ownership interest that constitutes the trust pertaining
to trust beneficial interests that were acquired by MIRAI is 10%. Of this co-ownership interest, MIRAI owns 50% of the quasi-co-ownership interest.
(Note 3) Separately, there is an accessory building with an area of 214.27 m2 (concrete-roofed reinforced concrete flat building, store).
(Note 4) The percentage of the co-ownership interest that constitutes the trust pertaining to trust beneficial interests that were acquired by MIRAI is 10%. Of this co-ownership
interest, MIRAI owns 50% of the quasi-co-ownership interest.
Overview of Lease
Total Establishment of security 5,774.46㎡ Occupancy Ratio 100%
Principal Tenant Not disclosed Number of Tenants 42
Annual Rent 461 million yen Guarantee Deposit 365 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Hillcoat Higashi-Shinjuku
Asset Category Core Asset
Asset Type Office
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 3,900 million yen Overview of
Trust
Beneficiaries
Trustee Mizuho Trust & Banking Co., Ltd. Appraised Value
(Date of Appraisal)
3,980 million yen
(June 30, 2016) Expiry Date of Trust September 30, 2025
Nearest Station 3 minutes’s walk from Higashi-Shinjuku Station of Tokyo Metro / Toei Subway Lines
Address
(Residential Address) 2-2-15, Kabuki-cho, Shinjuku-ku, Tokyo
Land
Lot Number 2-392-16, Kabuki-cho,
Shinjuku-ku, Tokyo
Building
Date of
Building July 6, 1987
Structure SRC
B1/8F
Building
Coverage
Ratio
100% (Note 1)
Floor Area
Ratio 670.68% (Note 2) Usage Office/Garage
Use Districts Commercial districts Gross Floor
Area 4,480.44㎡
Site Area 628.09㎡ Number of
Parking Spaces 14
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company XYMAX ALPHA Corporation Master Lease Company
(Type of Master Lease)
MIRAI Corporation
(Pass through)
Special Comment
Not applicable.
(Note 1) The designated building coverage ratio is 80%, but it is eased to 100% for fire-resistant buildings in commercial districts and fire protection districts.
(Note 2) The designated floor area ratio is set at 670.68% as a result of calculating the weighted average of the subject areas because the land straddles the areas of the floor area ratios
of 600% and 700%.
Overview of Lease
Total Establishment of security 3,169.16㎡ Occupancy Ratio 100.0%
Principal Tenant Not disclosed Number of Tenants 2
Annual Rent Not disclosed Guarantee Deposit 123 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name miumiu Kobe (land)
Asset Category Core Asset
Asset Type Retail
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 6,300 million yen (Note 1) Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 6,560 million yen (Note 2)
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust June 30, 2025
Nearest Station 2 minutes’ walk from Kyukyoryuchi Daimarumae Station of Kobe Municipal Subway Lines and 7 minutes’s walk from
Motomachi Station of West Japan Railway Company
Address (Residential
Address) 18-1, Akashi-cho, Chuo-ku, Kobe-shi, Hyogo
Land
Lot Number 18-1, Akashi-cho, Chuo-ku, Kobe-shi,
Hyogo
Building
Date of Building May 2017 (expected)
Structure S 3F (expected) (Note 3) Building
Coverage
Ratio
80%
Floor Area
Ratio 700% Usage Store (expected) (Note 3)
Use Districts Commercial districts Gross Floor Area 962.95㎡ (expected) (Note 3)
Site Area 383.83㎡ Number of Parking
Spaces 0 (expected)
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights (expected)
PM Company - Master Lease Company
(Type of Master Lease)
MIRAI Corporation
(Pass through)
Special Comment
Concerning the land of this property, the registration of the establishment of the right of lease and the accessory registration of the sublease of the right of
lease have been made.
(Note 1) Because only the land has been acquired and the building has not been acquired as of today, the purchase price represents that of the land only. The lessee plans to construct
a building and MIRAI plans to acquire it after its construction is completed. As of today, MIRAI has not decided to acquire this building, and there is no guarantee that
MIRAI will be able to acquire it without fail.
(Note 2) The appraised value represents that of the land only as of June 30, 2016.
(Note 3) The structure, usage and gross floor area are stated based on the description in the building certification completion certificate.
Overview of Lease (Note 4)
Total Establishment of security 390.10㎡ (Note 5) Occupancy Ratio 100.0%
Principal Tenant PRADA JAPAN Number of Tenants 1
Annual Rent 324 million yen (Note 5) Guarantee Deposit 162 million yen
(Note 4) For the overview of the lease, the overview of the land lease pertaining to this property is stated, but if the building to be constructed on the land is acquired by MIRAI, a
lease agreement will be concluded for the building (however, the amount of the annual rent is expected to be the same).
(Note 5) For “Total Rentable Area,” the actually measured area of the land stated in the land lease agreement concluded on July 24, 2015 is stated, and for “Annual Rent,” 12 months’
worth of the monthly rent as of October 1, 2015 based on this agreement is stated.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Shibuya World East Building
Asset Category Core Asset
Asset Type Retail
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 3,200 million yen Overview of
Trust
Beneficiaries
Trustee Mizuho Trust & Banking Co., Ltd. Appraised Value 3,220 million yen
(Date of Appraisal) (June, 30, 2016) Expiry Date of Trust April 30, 2025
Nearest Station 2 minutes’ walk Shibuya Station of Tokyo Metoro/ Tokyu Corporation
Address (Residential
Address) 1-23-18, Shibuya, Shibuya-ku, Tokyo
Land
Lot Number 1-23-3, Shibuya, Shibuya-ku, Tokyo
Other 1 parcel of land
Building
Date of Building October 25, 1984
Structure SRC 10F Building
Coverage
Ratio
100% (Note)
Floor Area
Ratio 700% Usage Office
Use Districts Commercial districts Gross Floor Area 1,880.68㎡
Site Area 267.99㎡ Number of Parking
Spaces 0
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company ITOCHU Urban Community Ltd. Master Lease Company
(Type of Master Lease)
MIRAI Corporation
(Pass through)
Special Comment
Not applicable.
(Note) The designated building coverage ratio is 80%, but it is eased to 100% for fire-resistant buildings in commercial districts and fire protection districts.
Overview of Lease
Total Establishment of security 1,690.65㎡ Occupancy Ratio 100.0%
Principal Tenant ROSE BUD LTD Number of Tenants 8
Annual Rent 162 million yen Guarantee Deposit 103 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name AEON Kasai
Asset Category Core Asset
Asset Type Retail
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 9,420 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 9,420 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust August 31, 2020
Nearest Station 9 minutes’ walk from Nishi-Kasai Station of Tokyo Metoro
Address (Residential
Address) 3-9-19, Nishi-Kasai, Edogawa-ku, Tokyo
Land
Lot Number
3-9-12, Nishi-Kasai, Edogawa-ku, Tokyo
(Note 1)、
3-9-26, Nishi-Kasai, Edogawa-ku, Tokyo
(Land lease) (Note 2)
Building
Date of Building
1) (Store) November 29, 1982
2) (Parking) May 4, 1983 (Note 7)
3) (Office) April 15, 1983
Building
Coverage
Ratio
73.18% (Note3)
Floor Area
Ratio 309.57% (Note 4)
Use Districts Neighborhood commercial districts、
Quasi-industrial districts Structure (Note 8)
Site Area 20,063.51㎡ (Note 5)
Usage (Note 8)
Gross Floor Area 38,454.66㎡
Number of
Parking Spaces 583
Ownership
Structure (Note 1) (Note 6)
Ownership
Structure (Note 6)
PM Company TOKYU COMMUNITY CORP. Master Lease Company (Note 9)
Special Comment
・ The fixed-term building lease agreement for business purposes between the former sublessor of this property and the lessee of this property stipulates
that if the trustee attempts to transfer this property to a third party, or if a beneficiary attempts to transfer the beneficiary interest to a third party, the
right of first refusal shall be granted to the lessee pertaining to the acquisition of this property, and such arrangements have been succeeded to the
trustee.
・ Part of the land of this property is provided to Edogawa-ku without charge, and is used as a park.
(Note 1) The trustee owns co-ownership interest in the land with the lot number 9-12 (1,007,601/1,962,800), and an agreement has been reached with the other co-owners on the use
of part of the land beyond the percentage of the co-ownership interest.
(Note 2) The registration of the establishment of the right of lease of land with the lot number 9-26 has not been undertaken.
(Note 3) The designated building coverage ratio straddles areas of 60% and 80%, but it is set at 73.18% as a result of calculating the weighted average of the subject areas.
(Note 4) The designated building coverage ratio straddles areas of 300% and 400%, but it is set at 309.57% as a result of calculating the weighted average of the subject areas.
(Note 5) Land in which co-ownership interest (1,007,601/1,962,800) is owned: 19,627.69 m2, Leased land: 435.82 m2
(Note 6) Land Code 1 (9-12): Co-ownership interest in the land (1,007,601/1,962,800), Code 2 (9-26): Leased land
Building 1) and 2) Ownership, 3) Unit ownership
(Note 7) For the date of building the parking lot, the date in the inspection completion certificate is stated because there is no description in the registration book.
(Note 8) Building 1) 9-12-1: Flat-roofed RC building with five stories: store, 2) 9-12-2: Flat-roofed SRC building with six stories: parking lot, 3) 9-12-178: SRC building with five
stories (indication of a single building: Flat-roofed SRC building with 14 stories): office
(Note 9) For the parking lot portion, Tokyu Community Corp., which is the PM company, is the master lease company.
Overview of Lease
Total Establishment of security 28,338.45㎡ Occupancy Ratio 100.0%
Principal Tenant AEON RETAIL CO., LTD. Number of Tenants 1
Annual Rent Not disclosed Guarantee Deposit Not disclosed
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name DAIKI Izumi-Chuo
Asset Category Core Asset
Asset Type Retail
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 3,000 million yen Overview of
Trust
Beneficiaries
Trustee Mizuho Trust & Banking Co., Ltd. Appraised Value 3,070 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust August 9, 2023
Nearest Station 5 minutes’ walk from Izumi-chuo Station of Semboku Rapid Railway
Address (Residential
Address) 5-6-17, Ibuki-no, Izumi-shi, Osaka
Land
Lot Number 5-6-17, Ibuki-no, Izumi-shi, Osaka
Other 1 parcel of land
Building
Date of Building October 1, 2008
Structure S 3F Building
Coverage
Ratio
100% (Note)
Floor Area
Ratio 400% Usage Store
Use Districts Commercial districts Gross Floor Area 6,891.87㎡
Site Area 9,712.37㎡ Number of
Parking Spaces 242
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company Building Management & Strategy Inc. Master Lease Company -
Special Comment
・ The fixed-term building lease booking agreement between the previous owner of this property and the lessee of this property provides that the right of
first refusal pertaining to the acquisition of this property shall be granted to the lessee, and this arrangement has been succeeded to the trustee.
・ The statement of mutual agreement between the trustee and the lessee of this property provides that if a beneficiary transfers the beneficiary interest in
this property to a third party, the trustee shall have the beneficiary check whether the lessee intends to acquire this property.
(Note) The designated building coverage ratio is 80%, but it is eased to 100% for fire-resistant buildings in commercial districts and fire protection districts.
Overview of Lease
Total Establishment of security 6,891.87㎡ Occupancy Ratio 100.0%
Principal Tenant DCM DAIKI CO., LTD. Number of Tenants 1
Annual Rent Not disclosed Guarantee Deposit Not disclosed
13
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Hotel Sunroute Niigata
Asset Category Core Asset
Asset Type Hotel
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 2,108 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 2,210 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust August 31, 2020
Nearest Station 4 minutes’ walk from Niigata Station of East Japan Railway Company
Address (Residential
Address) 1-11-25, Higashi-Odori, Chuo-ku, Niigata-shi, Niigata
Land
Lot Number 1-212, Higashi-Odori, Chuo-ku, Niigata-shi,
Niigata
Building
Date of Building August 20, 1992
Structure S/RC/SRC
B1F/14F
Building
Coverage
Ratio
80%
Floor Area
Ratio 600% Usage Hotel
Use Districts Commercial districts Gross Floor Area 8,255.81㎡ (Note)
Site Area 1,402.51㎡ Number of
Parking Spaces 68
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company Best Property Co. Ltd. Master Lease Company -
Special Comments
Not applicable.
(Note) There is a separate accessory building (zinc-coated steel-roofed steel-framed flat building, parking lot) of 73.03 m2.
Overview of Lease
Total Establishment of security 8,255.81㎡ Occupancy Ratio 100.0%
Principal Tenant Sunroute Co., Ltd. Number of Tenants 1
Annual Rent 156 million yen Guarantee Deposit 150 million yen
(Note) As of today, a fixed-term building lease agreement with a lease period of 10 years starting from June 15, 2017 has been concluded with the tenant. In
this agreement, the store portion of 443.55 m2 in the first underground story is excluded from the fixed-term building lease agreement concluded as
of today, and it is stipulated that the rent shall be calculated as the sum of the fixed rent and the variable rent below (however, the variable rent is
deemed to arise on or after June 15, 2018). Even after the coverage of the fixed-term building lease agreement is changed, the total rentable area will
not be changed.
(A) Fixed rent: Monthly amount of 11.7 million yen
(B) Variable rent: Amount equivalent to 34% of any excess amount if the gross operating profit (GOP) in each fiscal year (meaning the period from April 1
every year to March 31 the following year) exceeds 162 million yen.
14
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Daiwa Roynet Hotel Akita
Asset Category Core Asset
Asset Type Hotel
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 2,042 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 2,170 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust November 30, 2022
Nearest Station 15 minutes’ walk from Akita Station of East Japan Railway Company
Address (Residential
Address) 2-2-41, Omachi, Akita-shi, Akita
Land
Lot Number 2-12, Omachi, Akita-shi, Akita
Other 6 parcel of lands
Building
Date of Building June 6, 2006
Structure S 14F Building
Coverage
Ratio
90% (Note 1)
Floor Area
Ratio 500% Usage Hotel
Use Districts Commercial districts Gross Floor
Area 7,439.36㎡ (Note 2)
Site Area 1,540.15㎡ Number of
Parking Spaces 64
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company Hankyu Hanshin Building Management
Co., Ltd. Master Lease Company -
Special Comment
・ Superficies are established on part of the land of this property, with Akita Prefecture as the superficiary, for the purpose of building an underground
road. In addition, the following arrangements have been made regarding the land.
・ If a new building or any other structure (excluding those made of wood or bamboo) is to be constructed on the land, or if the form or nature of the land
is to be changed, its design and construction method shall be discussed with the superficiary in advance.
(Note 1) The designated building coverage ratio is 80%, but it is eased to 90% for corner lots.
(Note 2) There is a separate accessory building (zinc-coated steel-roofed steel-framed flat building; garage) of 100.16 m2.
Overview of Lease
Total Establishment of security 7,439.36㎡ Occupancy Ratio 100.0%
Principal Tenant DAIWAROYAL CO, LTD. Number of Tenants 1
Annual Rent 138 million yen Guarantee Deposit 115 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Super Hotel Sendai / Hirosedori
Asset Category Core Asset
Asset Type Hotel
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 1,280 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 1,500 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust June 30, 2025
Nearest Station 1 minutes’ walk from Hirose Dori Station of Sendai Municipal Subway
Address (Residential
Address) 2-9-23, Chuo, Aoba-ku, Sendai-shi, Miyagi
Land
Lot Number 2-9-12, Chuo, Aoba-ku, Sendai-shi, Miyagi
Building
Date of Building January 23, 2007
Structure RC 10F Building
Coverage
Ratio
80%
Floor Area
Ratio 600% Usage Hotel
Use Districts Commercial districts Gross Floor Area 3,251.77㎡
Site Area 549.10㎡ Number of
Parking Spaces
1(Other, 9 parking spaces whichi tenant
have)
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company - Master Lease Company -
Special Comments
Not applicable.
Overview of Lease
Total Establishment of security 3,283.95㎡ Occupancy Ratio 100.0%
Principal Tenant Super Hotel Co., Ltd. Number of Tenants 1
Annual Rent 88 million yen Guarantee Deposit 30 million yen
16
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Super Hotel Osaka / Tennoji
Asset Category Core Asset
Asset Type Office
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 1,260 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 1,530 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust June 30, 2025
Nearest Station 6 minutes’ walk from Tennoji Station of Osaka Municipal Subway and 8 minutes’ walk from Tennnoji Station of West Japan
Railway Company
Address (Residential
Address) 2-3-3, Osaka, Tennoji-ku, Osaka-shi, Osaka
Land
Lot Number 2-16-6, Osaka, Tennoji-ku, Osaka-shi,
Osaka 1 parcel of land
Building
Date of Building January 9, 2004
Structure RC 9F Building
Coverage
Ratio
86.52% (Note 1)
Floor Area
Ratio 510.15% (Note 2) Usage Hotel
Use Districts Commercial districts、
Category 2 residential districts Gross Floor Area 2,486.39㎡
Site Area 490.65㎡ Number of
Parking Spaces 4
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company - Master Lease Company -
Special Comments
Not applicable.
(Note 1) The designated building coverage ratio straddles areas of 60% and 80%, but it is set at 86.52% as a result of calculating the weighted average of the subject areas by adding
10% and 20%, respectively, according to the deregulation for fire-resistant buildings in fire protection districts.
(Note 2) The designated floor area ratio straddles areas of 600% and 400%, but it is set at 510.15% as a result of calculating the weighted average of the subject areas.
Overview of Lease
Total Establishment of security 2,486.39㎡ Occupancy Ratio 100.0%
Principal Tenant Super Hotel Co., Ltd. Number of Tenants 1
Annual Rent 75 million yen Guarantee Deposit 27 million yen
17
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Super Hotel Saitama / Omiya
Asset Category Core Asset
Asset Type Hotel
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 1,123 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 1,190 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust June 30, 2025
Nearest Station 9 minutes’ walk from Omiya Station of East Japan Railway Company
Address (Residential
Address) 1-12-6, Sakuragi-cho, Omiya-ku, Saitama-shi, Saitama
Land
Lot Number 1-12-6, Sakuragi-cho, Omiya-ku, Saitama-
shi, Saitama
Building
Date of Building July 11, 2006
Structure RC 10F Building
Coverage
Ratio
100% (Note)
Floor Area
Ratio 500% Usage Hotel
Use Districts Commercial districts Gross Floor Area 2,946.55㎡
Site Area 597.25㎡ Number of
Parking Spaces 10
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company - Master Lease Company -
Special Comments
Not applicable.
(Note) The designated building coverage ratio is 80%, but it is eased to 100% for fire-resistant buildings in commercial districts and fire protection districts.
Overview of Lease
Total Establishment of security 2,946.55㎡ Occupancy Ratio 100.0%
Principal Tenant Super Hotel Co., Ltd. Number of Tenants 1
Annual Rent 71 million yen Guarantee Deposit 30 million yen
18
18
Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Super Hotel Kyoto Karasuma Gojo
Asset Category Core Asset
Asset Type Hotel
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 1,030 million yen Overview of
Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 1,250 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of Trust June 30, 2025
Nearest Station 1 minutes’ walk from Gojo Station of Kyoto Municipal Subway
Address (Residential
Address) 396-3, Osaka-cho, Gojo-sagaru, Karasuma-dori, Shimogyou-ku, Kyoto-shi, Kyoto
Land
Lot Number 396-3, Osaka-cho, Gojo-sagaru, Karasuma-
dori, Shimogyou-ku, Kyoto-shi, Kyoto
Building
Date of Building January 19, 2004
Structure RC 10F Building
Coverage
Ratio
100% (Note)
Floor Area
Ratio 600% Usage Hotel
Use Districts Commercial districts Gross Floor Area 2,144.02㎡
Site Area 337.23㎡ Number of
Parking Spaces 5
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company - Master Lease Company -
Special Comments
Not applicable.
(Note) The designated building coverage ratio is 80%, but it is eased to 100% for fire-resistant buildings in commercial districts and fire protection districts.
Overview of Lease
Total Establishment of security 2,144.02㎡ Occupancy Ratio 100.0%
Principal Tenant Super Hotel Co., Ltd. Number of Tenants 1
Annual Rent 62 million yen Guarantee Deposit 22 million yen
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property
Name Comfort Hotel Shin-Yamaguchi
Asset Category Core Asset
Asset Type Hotel
Overview of the Specified Asset
Date of Acquisition December 16, 2016 Type of Specified Assets Trust beneficiaries
Purchase Price 902 million yen
Overview of Trust
Beneficiaries
Trustee Sumitomo Mitsui Trust Bank,
Limited Appraised Value 944 million yen
(Date of Appraisal) (June 30, 2016) Expiry Date of
Trust September 30, 2017
Nearest Station 2 minutes’ walk from Shin-Yamaguchi Station of West Japan Railway Company
Address (Residential
Address) 1255-1, Shimogou, Ogori, Yamaguchi-shi, Yamaguchi
Land
Lot
Number
1255-1 Aza Watari Kamaiichi, Ogori,
Shimogo, Yamguchi-shi, Yamaguchi
Building
Date of Building August 20, 2007
Structure S 8F Building
Coverage
Ratio
80%
Floor Area
Ratio 400% Usage Hotel
Use
Districts Commercial districts Gross Floor Area 2,999.01㎡(Note)
Site Area 754.06㎡ Number of
Parking Spaces 11
Ownership
Structure Ownership rights
Ownership
Structure Ownership rights
PM Company Best Property Co. Ltd. Master Lease Company -
Special Comments
Not applicable.
(Note) There is a separate accessory building (flat-roofed reinforced concrete flat building; pump cabin) of 3.14 m2.
Overview of Lease
Total Establishment of
security 2,999.01㎡ Occupancy Ratio 100.0%
Principal Tenant Greens Co., Ltd. Number of Tenants 1
Annual Rent 59 million yen Guarantee Deposit 29 million yen
20
20
Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
(2) Overview of the Sellers
Shinagawa Seaside Park Tower
Name Higashi Shinagawa 2 Tokutei Mokuteki Kaisha
Address c/- Tokyo Kyodo Accounting Office, 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo
Representative Director, Hisayoshi Kitagawa
Business
Description
1. Receipt, management and disposal of specified assets according to asset securitization plans based on the Act on the
Securitization of Assets
2. Any and all businesses incidental to business pertaining to the securitization of specified assets mentioned above
Stated Capital 150,000 yen (as of November 30, 2016)
Date of
establishment
August 1, 2014
Contributors IDERA Capital Management Ltd. (hereinafter “IDERA Capital”)
Relationships between the company and MIRAI and the Asset Manager
Capital The companyis a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party
The company does not fall under a related party of MIRAI and the Asset Manager.
Because the company has concluded an investment advisory agreement with IDERA Capital, the principal shareholder of the Asset
Manager, the company falls under an interested party in the Interested Party Transactions Rule of the Asset Manager.
Kawasaki Tech Center
Name Godo Kaisha Cassini Fund
Address 7-1, Nihonbashi 2-chome, Chuo-ku, Tokyo
Representative Representative Partner, General Incorporated Association TSMX99 Executor, Hiroshi Arihara
Business
Description
1. Acquisition, retention and disposal of trust beneficial interests in real estate
2. Acquisition, retention, disposal, lease and management of real estate
3. Any and all businesses incidental or relating to each of the foregoing
Stated Capital 300,000 yen (as of November 30, 2016)
Date of
establishment
August 23, 2013
Contributors General Incorporated Association TSMX99
Relationships between the company and MIRAI and the Asset Manager
Capital The company is a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party
The company does not fall under a related party of MIRAI and the Asset Manager.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Shinjuku Eastside Square
Name Godo Kaisha Shinjuku East
Address c/- Tokyo Kyodo Accounting Office, 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo
Representative Representative Partner, General Incorporated Association East Side Executor, Masakazu Hongo
Business
Description
1. Receipt of silent partnership investments
2. Acquisition, retention, sale and management of trust beneficial interests pertaining to real estate trusts
3. Acquisition, retention, sale and management of real estate
4. Any and all businesses incidental to each of the foregoing
Stated Capital 1,000,000 yen (November 30, 2016)
Date of
establishment
September 12, 2014
Contributors General Incorporated Association East Side
Relationships between the company and MIRAI and the Asset Manager
Capital The company does not fall under a related party of MIRAI and the Asset Manager.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party
The company does not fall under a related party of MIRAI and the Asset Manager. Because the company has concluded an
investment advisory agreement with a subsidiary (Mitsui & Co., Realty Management Ltd.) of Mitsui & Co. Asset Management
Holdings Ltd., the principal shareholder of the Asset Manager, the company falls under an interested party under the Interested Party
Transactions Rule of the Asset Manager.
Hillcoat Hgashi-Shinjuku
Name Godo Kaisha TSMX99
Address 7-1, Nihonbashi 2-chome, Chuo-ku, Tokyo
Representative Representative Partner, General Incorporated Association TSMX99 Executor, Hiroshi Arihara
Business
Description
1. Acquisition, retention, disposal and management of trust beneficial interests
2. Sale, purchase, retention, management and lease of real estate
3. Any and all businesses incidental to each of the foregoing
Stated Capital 250,000 yen (as of November 30, 2016)
Date of
establishment
March 18, 2010
Contributors General Incorporated Association TSMX99
Relationships between the company and MIRAI and the Asset Manager
Capital The company is a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company does not fall under a related party of MIRAI and the Asset Manager.
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22
Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
miumiu Kobe (land)
Name Godo Kaisha Kita-Aoyama Support No.9
Address c/- Tokyo Kyodo Accounting Office, 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo
Representative Representative Partner, General Incorporated Association Kita-Aoyama Holdings No.9 Executor, Masakazu Hongo
Business
Description
1. Acquisition, retention, disposal, lease and management of real estate
2. Acquisition, retention and disposal of trust beneficial interests in real estate
3. Acquisition, retention, management and disposal of silent partnership investments
4. Conclusion of silent partnership agreements and investment based on silent partnership agreements
5. Sale, purchase, retention, management and investment of securities
6. Any and all businesses incidental or relating to each of the foregoing
Stated Capital 500,000 yen (as of November 30, 11)
Date of
establishment
March 27, 2014
Contributors General Incorporated Association Kita-Aoyama Holdings No.9
Relationships between the company and MIRAI and the Asset Manager
Capital The company is a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party
The company does not fall under a related party of MIRAI and the Asset Manager.
Because the company has concluded an investment advisory agreement with IDERA Capital, the principal shareholder of the Asset
Manager, the company falls under an interested party in the Interested Party Transactions Rule of the Asset Manager.
Shibuya World East Building
Name Godo Kaisha Mikazuki
Address c/- ALT Co., Ltd., 9-15, Yotsuya 2-chome, Shinjuku-ku, Tokyo
Representative Representative Partner, General Incorporated Association Munechika Executor, Takuya Ikeda
Business
Description
1. Retention, management, sale and purchase of trust beneficial interests
2. Sale, purchase, retention, lease and management of real estate
3. Research, planning and consulting service relating to urban redevelopment and other land development
4. Any and all businesses incidental or relating to each of the foregoing
Stated Capital 1,000,000 yen (as of November 30, 2016)
Date of
establishment
March 1, 2010
Contributors General Incorporated Association Munechika
Relationships between the company and MIRAI and the Asset Manager
Capital The company is a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party
The company does not fall under a related party of MIRAI and the Asset Manager.
Because the company has concluded an investment advisory agreement with IDERA Capital, the principal shareholder of the Asset
Manager, the company falls under an interested party in the Interested Party Transactions Rule of the Asset Manager.
23
23
Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
DAIKI Izumi-Chuo
Name Hulic Co., Ltd.
Address 7-3, Nihonbashi Odenma-cho, Chuo-ku, Tokyo
Representative President and Representative Director, Manabu Yoshidome
Business
Description
Ownership, lease, sale, purchase and brokerage service of real estate
Stated Capital 62,657 million yen ( as of June 30, 2016)
Date of
establishment
March 26, 1957
Contributors 319,051 million yen (as of June 30, 2016)
Total Assets 1,121,985 million yen (as of June 30, 2016)
Major Shareholder
and Shareholding
Meiji Yasuda Life Insurance Company (7.18%), Sompo Japan Nipponkoa Insurance Inc. (7.17%) and Tokyo Tatemono Co., Ltd.
(6.31%) (as of June 30, 2016)
Relationships between the company and MIRAI and the Asset Manager
Capital The company does not fall under a related party of MIRAI and the Asset Manager.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company does not fall under a related party of MIRAI and the Asset Manager.
Hotel Sunroute Niigata/ Daiwa Roynet Hotel Akita/ Comfort Hotel Shin-Yamaguchi
Name Front Avenue Beta Godo Kaisha
Address c/- Tokyo Kyodo Accounting Office, 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo
Representative Representative Partner, General Incorporated Association FAHD2 Executor, Masakazu Hongo
Business
Description
1. Acquisition, retention, disposal, lease and management of real estate
2. Acquisition, retention and disposal of trust beneficial interests in real estate
3. Acquisition, retention, management and disposal of silent partnership investments
4. Conclusion of silent partnership agreements and investment based on silent partnership agreements
5. Sale, purchase, retention, management and investment of securities
6. Any and all businesses incidental or relating to each of the foregoing
Stated Capital 100,000 yen (November 30, 2016)
Date of
establishment
March 27, 2014
Contributors General Incorporated Association FAHD2
Relationships between the company and MIRAI and the Asset Manager
Capital The company is a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company does not fall under a related party of MIRAI and the Asset Manager.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Super Hotel Sendai / Hirosedori, Super Hotel Osaka / Tennoji, Super Hotel Saitama / Omiya and Super Hotel Kyoto Karasuma Gojo
Name Front Avenue Alpha Godo Kaisha
Address c/- Tokyo Kyodo Accounting Office, 1-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo
Representative Representative Partner, General Incorporated Association FAHD Executor, Masakazu Hongo
Business
Description
1. Acquisition, retention, disposal, lease and management of real estate
2. Acquisition, retention and disposal of trust beneficial interests in real estate
3. Any and all businesses incidental or relating to each of the foregoing
Stated Capital 100,000 yen (as of November 30, 2016)
Date of
establishment
June 23, 2015
Contributors General Incorporated Association FAHD
Relationships between the company and MIRAI and the Asset Manager
Capital The company is a specific purpose company in which IDERA Capital, the principal shareholder of the Asset Manager, invests, and as
of today, IDERA Capital owns 1.7% of the total number of investment units issued by MIRAI.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company does not fall under a related party of MIRAI and the Asset Manager.
(3) Transactions with Interested Parties, etc.
Because the sellers of Shinagawa Seaside Park Tower, Shinjuku Eastside Square, miumiu Kobe (land) and Shibuya
World East Building fall under interested parties in the Interested Party Transactions Rule of the Asset Manager, they
underwent the necessary deliberations and resolutions based on the Interested Party Transactions Rule and other
internal rules.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
3. Status of the Sellers
In the table below, the company name or the name is stated in ①, the relationship with a person who has a special
interest is stated in ②, and the background and reason for acquisition are stated in ③.
Property Name
(Address) Investment Corporation Previous owner/trust beneficiary
Owner/trust beneficiary before the
previous owner and trust beneficiary
※
③
Purchase (transfer) price
Date of purchase (transfer)
①、②、③
Purchase (transfer) price
Date of purchase (transfer)
①、②、③
Purchase (transfer) price
Date of purchase (transfer)
Shinagawa Seaside Park
Tower
(4-12-4, Higashi-Shinagawa,
Shinagawa-ku, Tokyo)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (32,100
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
① Higashi Shinagawa 2 Tokutei
Mokuteki Kaisha
② This is a specific purpose
company that has concluded an
asset management service
agreement (investment advisory
agreement) with the sponsor of
the asset management
company. In addition, the
sponsor of the asset
management company has a
3.5% interest in silent
partnership investment.
③ A foreign investor, who is a
member of the Fosun Group,
acquired this property solely for
investment purposes.
Other than a party who has a special
interest
32,000 million yen (tax excluded) Omitted because this property has
been owned for more than a year. -
December 2016 December 2014 -
Kawasaki Tech Center
(580-16, Horikawa-cho,
Saiwai-ku, Kawasaki-shi,
Kanagawa)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (23,800
million yen) according to Daiwa Real
Estate Appraisal Co., Ltd , MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
23,182 million yen (tax excluded) - -
December 2016 - -
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property Name
(Address) Investment Corporation Previous owner/trust beneficiary
Owner/trust beneficiary before the
previous owner and trust beneficiary
Shinjuku Eastside Square (6-
27-30, Shinjuku, Shinjuku-
ku, Tokyo)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (10,050
million yen) according to Morii
Appraisal & Investment Consulting,
Inc, MIRAI has decided that the
purchase price is reasonable.
① Godo Kaisha Shinjuku East
② This is a limited liability
company that has concluded an
asset management service
agreement (investment advisory
agreement) with a subsidiary of
the sponsor of the asset
management company.
③ A fund that was established by
a subsidiary of the sponsor of
the asset management company
acquired this property solely for
investment purposes.
① Shinjuku 6-Chome Tokutei
Mokuteki Kaisha
② This is a specific purpose
company for the parent
company of the sponsor of the
asset management company to
make preferred equity
investment.
③ This property was acquired for
development purposes.
10,000 million yen (tax excluded) Omitted because this property has
been owned for more than a year.
-
December 2016 October 2014 March 2012 (construction completed)
Hillcoat Higashi-Shinjuku
(2-2-15, Kabuki-cho,
Shinjuku-ku, Tokyo)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (3,980
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
3,900 million yen (tax excluded) - -
December 2016 - -
miumiu Kobe (land)
(18-1, Akashi-cho, Chuo-ku,
Kobe-shi, Hyogo)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (6,560
million yen) according to Daiwa Real
Estate Appraisal Co., Ltd, MIRAI has
decided that the purchase price is
reasonable.
① Godo Kaisha Kita-Aoyama
Support No.9
② This is a limited liability
company that has concluded an
asset management service
agreement (investment advisory
agreement) with the sponsor of
the asset management
company. In addition, the
sponsor of the asset
management company
indirectly has a 64.2% stake
in the limited liability company.
③ As part of the sponsor support
service, the limited liability
company acquires properties to
provide a warehousing
function.
Other than a party who has a special
interest
6,300 million yen (tax excluded) 6,000 million yen (tax excluded) -
December 2016 March 2016 -
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property Name
(Address) Investment Corporation Previous owner/trust beneficiary
Owner/trust beneficiary before the
previous owner and trust beneficiary
Shibuya World East
Building
(1-23-18, Shibuya, Shibuya-
ku, Tokyo)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (3,220
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
① Godo Kaisha Mikazuki
② This is a limited liability
company that has concluded an
asset management service
agreement (investment advisory
agreement) with the sponsor of
the asset management
company.
③ As part of the sponsor support
service, the limited liability
company acquires properties to
provide a warehousing
function.
Other than a party who has a special
interest
3,200 million yen (tax excluded) Omitted because this property has
been owned for more than a year. -
December 2016 April 2015 -
AEON Kasai
(3-9-19, Nishi-Kasai,
Edogawa-ku, Tokyo)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (9,420
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
9,420 million yen (tax excluded) - -
December 2016 - -
DAIKI Izumi-Chuo
(5-6-17, Ibuki-no, Izumi-shi,
Osaka)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (3,070
million yen) according to Daiwa Real
Estate Appraisal Co., Ltd MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
3,000 million yen (tax excluded) - -
December 2016 - -
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property Name
(Address) Investment Corporation Previous owner/trust beneficiary
Owner/trust beneficiary before the
previous owner and trust beneficiary
Hotel Sunroute Niigata
(1-11-25, Higashi-
Odori,Chuo-ku, Niigata-shi,
Niigata)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (2,210
million yen) according to Daiwa Real
Estate Appraisal Co., Ltd, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
2,108 million yen (tax excluded) - -
December 2016 - -
Daiwa Roynet Hotel Akita
(2-2-41, Omachi, Akita-shi,
Akita)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (2,170
million yen) according to Daiwa Real
Estate Appraisal Co., Ltd MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
2,042 million yen (tax excluded) - -
December 2016 - -
Super Hotel Sendai /
Hirosedori
(2-9-23, Chuo, Aoba-ku,
Sendai, Miyagi)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (1,500
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
1,280 million yen (tax excluded) - -
December 2016 - -
Super Hotel Osaka / Tennoji
(2-3-3, Osaka, Tennoji-ku,
Osaka-shi, Osaka)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (1,530
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
1,260 million yen (tax excluded) - -
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Property Name
(Address) Investment Corporation Previous owner/trust beneficiary
Owner/trust beneficiary before the
previous owner and trust beneficiary
December 2016 - -
Super Hotel Saitama
/ Omiya (1-12-6, Sakuagi-
cho, Omiya-ku, saitama-
shi, Saitama)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value
(1,190million yen) according to the
Japan Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
1,123 million yen (tax excluded) - -
December 2016 - -
Super Hotel Kyoto
Karasuma Gojo (396-3,
Osaka-cho, Gojo-sagaru,
Karasuma-dori, Shimogyo-
ku, Kyoto-shi,Kyoto)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value 1,250
million yen) according to the Japan
Real Estate Institute, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
1,030 million yen (tax excluded) - -
December 2016 - -
Comfort Hotel Shin-
Yamaguchi (1255-1,
Shimogou, Ogori,
Yamaguchi-shi, Yamaguchi)
MIRAI acqires this property based on
its judgement that it is a competitive
property that can secure profitability
over the medium to long term because
it meets the investment standards of
MIRAI. Because the purchase price is
less than the appraised value (944
million yen) according to Daiwa Real
Estate Appraisal Co., Ltd, MIRAI has
decided that the purchase price is
reasonable.
Other than a party who has a special
interest
-
902 million yen (tax excluded) - -
December 2016 - -
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
4. Overview of Intermediation
The mediators are domestic corporations (seven companies), but the mediators of Kawasaki Tech Center, AEON
Kasai Store, Hill Court Higashishinjuku Building, miumiu Kobe (land) and DAIKI Izumi Chuo Store are not
disclosed because their consent has not been obtained regarding the disclosure of their names and the amount of the
intermediary fee. There are no capital, personal or business relationships to state between the mediators and MIRAI
and the Asset Manager (however, Sumitomo Mitsui Trust Bank, Ltd., one of the mediators, is the asset custodian
and the transfer agent of MIRAI), and the mediators who are not disclosed do not fall under related parties. In
addition, the mediators who are not disclosed do not fall under interested parties in the Interested Party Transactions
Rule of the Asset Manager. The other mediators are as follows.
Shinagawa Seaside Park Towe/ Shinjuku Eastside Square/ Shibuya World East Building
Name SMBC Trust Bank Ltd.
Address 3-1, Nishi-shinbashi 1-chome, Minato-ku, Tokyo
Representative President and CEO, Hidetoshi Furukawa
Business
Description
Banking business and trust business
Stated Capital 87,550 million yen (as of July 1, 2016)
Date of
establishment
February 25, 1986
Relationships between the company and MIRAI and the Asset Manager
Capital The company does not fall under a related party of MIRAI and the Asset Manager.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company does not fall under a related party of MIRAI and the Asset Manager.
Intermediation Fee Not disclosed (Note)
(Note) The amount of the intermediary fee is not disclosed because consent has not been obtained from the mediator.
Hotel Sunroute Niigata/ Daiwa Roynet Hotel Akita/ Comfort Hotel Shin-Yamaguchi
Name XYMAX Corporation
Address 1-1, Akasaka 1-chome, Minato-ku, Tokyo
Representative Representative Director, Masafumi Shimada
Business
Description
1. Ownership, sale, purchase, lease, management, brokerage, consulting and appraisal of real estate
2. Commissioned administration service of office buildings, retail and logistics properties and hotels, etc.
3. Total management and maintenance business of buildings and related equipment
4. Sale of goods incidental to the management operation of buildings and the agency and intermediation thereof
5. Total security services
6. Planning, contract for work, construction, design, construction management and consulting service of building work, etc.
7. Financial instruments business prescribed in the Financial Instruments and Exchange Act
8. Management operation of real estate and research, analysis and study of the real estate market
Stated Capital 2,612,860,000 yen (as of March 31, 2016)
Date of
establishment
March 1, 1990
Relationships between the company and MIRAI and the Asset Manager
Capital The company does not fall under a related party of MIRAI and the Asset Manager.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company is the tenant of MIRAI.
Intermediation Fee Not disclosed (Note)
(Note) The amount of the intermediary fee is not disclosed because consent has not been obtained from the mediator.
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Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Super Hotel Sendai / Hirosedori, Super Hotel Osaka / Tennoji, Super Hotel Saitama / Omiya and Super Hotel Kyoto Karasuma Gojo
Name Blue Sky Associates Co., Ltd.
Address 11-13, Akasaka 2-chome, Minato-ku, Tokyo
Representative Representative Director, Gakuto Kaneko
Business
Description
Financial advisory business, real estate consulting business and investment business
Stated Capital 10 million yen (as of March 31, 2016)
Date of
establishment
April 6, 2012
Relationships between the company and MIRAI and the Asset Manager
Capital The company does not fall under a related party of MIRAI and the Asset Manager.
Personal There is no personal relationship to state between the company and MIRAI and the Asset Manager.
Business There is no business relationship to state between the company and MIRAI and the Asset Manager.
Relevance to
related party The company does not fall under a related party of MIRAI and the Asset Manager.
Intermediation Fee Not disclosed (Note)
(Note) The amount of the intermediary fee is not disclosed because consent has not been obtained from the mediator.
5. Future Outlook
For the future outlook of the management status of MIRAI, please refer to the “Notice Concerning Summary of
Results in the Fiscal Period Ended October 31, 2016 and Forecasts in the Fiscal Periods Ending April 30 and October
31, 2017” published today.
6. Overview of the Appraisal Report
For “Overview of the Appraisal Report,” the general description of the real estate appraisal reports (hereinafter
“Appraisal Reports”) that were commissioned by MIRAI and prepared by Daiwa Real Estate Appraisal Co., Ltd.,
Morii Appraisal & Investment Consulting Inc. and Japan Real Estate Institute to appraise the acquired assets based on
the points to note for the appraisal of real estate under the Act on Investment Trusts and Investment Corporations (Act
No. 198 of 1951 including subsequent amendments) as well as the Act on Real Property Appraisal (Act No. 152 of
1963 including subsequent amendments) and the real property appraisal standards is stated. The real estate appraisals
are only the judgements and opinions of the appraisers at a certain point in time, and do not guarantee the adequacy or
accuracy of their content or tradability at the appraised values.
There is no special interest between MIRAI and the Asset Manager and Daiwa Real Estate Appraisal Co., Ltd., Morii
Appraisal & Investment Consulting Inc. and Japan Real Estate Institute, which conducted the real estate appraisal.
Unless otherwise noted, amounts are rounded down to the nearest million yen. Values in percentages are rounded to
one decimal place.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Shinagawa Seaside Park Tower
Overview of the Real Estate Appraisal Report
Appraised Value 32,100 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 32,100
Price based on the direct capitalization method 32,300
Operating revenues 2,331
Potential gross revenues: Sum of (a)
through (d) 2,401
Posted in consideration of the average revenue based on the current lease contract and the level of
revenues, etc. on the assumption of new leasing, etc. Other revenues are posted in consideration of the
current management.
(a) Rental revenues from rooms for
rent including common area charges 2,099
(b) Utilities revenues 265
(c) Parking revenues 5
(d) Other revenues 31
Losses such as vacant rooms (69) Posted in consideration of the occupancy situation, etc. of similar real estate in the same demand-
supply area.
Operating expenses 839
Maintenance expenses 265 Posted in consideration of the individuality of the property in question by reference to expenses in
similar real estate, including actual amounts in previous years.
Utilities expenses 303 Posted in consideration of actual amounts in previous years and the individuality of the property in
question.
Repair expenses 42 Assessed in consideration of actual amounts in previous years, the level of expenses in similar real
estate and the annual average amount of repair and renewal expenses, etc. in the engineering report.
PM fees 24 Posted in consideration of fee rates in similar real estate and the individuality of the real estate in
question by reference to the fee system of the PM company.
Tenant recruitment expenses, etc. 11 Posted in consideration of the annual average turnover rate of tenants and the occupancy rate, etc. by
reference to the current terms of the contract and lease terms of similar real estate.
Taxes and public dues 188 Assessed based on taxes and public dues in FY2016.
Non-life insurance premiums 2 Posted in consideration of the insurance policy and premium rates of similar buildings.
Other expenses - Not applicable
Net operating income 1,492
Gains on lump-sum payment 28 Assessed in consideration of the current lease terms and those at the time of new contracts, the
occupancy rate and the investment return.
Capital expenditures 100 Assessed in consideration of the level in similar real estate, the age and the annual average amount of
repair and renewal expenses, etc. in the engineering report.
Net cash flow 1,420
Capitalization rate 4.4%
Assessed by adding and subtracting spreads attributable to the location conditions, building conditions
and other conditions of the real estate in question to and from the basis yield in each area, in
consideration of the future uncertainty and the market yield, etc. of similar real estate.
Price based on DCF method 31,900
Discount rate 4.0% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 4.5%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks of
the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and rents by reference to the market yield of similar real
estate.
Cost approach value 28,500
Ratio of land 74.0% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
Ratio of building 26.0% Calculated by assessing the building price by multiplying the replacement value in the case of
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Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
replacing the building by the discounted rate judged according to the current conditions and regional
characteristics, applying the cost method.
Other matters to which the appraiser pays attention
in the appraisal Not applicable
Kawasaki Tech Center
Overview of the Real Estate Appraisal Report
Appraised Value 23,800 million yen
Name of Appraiser Daiwa Real Estate Appraisal Co., Ltd
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 23,800 Assessed by conducting verification based on the income approach value in the direct capitalization
method, with the income approach value in the DCF method as the standard.
Price based on the direct capitalization method 24,200 Assessed by discounting the stable net cash flow over the medium to long term using the
capitalization rate.
Operating revenues 1,945
Potential gross revenues: Sum of (a)
through (d) 2,039
(a) Rental revenues from rooms for
rent including common area charges 1,107
Rental revenues from rooms for rent and common area charges revenues are posted in consideration
of the competitiveness of the real estate in question, the current leasing conditions and the market
environment, etc.
(b) Utilities revenues 729 Posted by reference to changes in actual results in the past.
(c) Parking revenues 29 Posted by reference to changes in actual results in the past.
(d) Other revenues 173 Posted based on the actual amounts of usage fees for warehouses and facilities and revenues from
vending machines, etc.
Losses such as vacant rooms 93
An amount equivalent to vacant rooms is posted based on the competitiveness of the real estate in
question, the current leasing conditions, the scheduled occupancy and vacancy rates and the market
environment, etc.
Operating expenses 717
Maintenance expenses 139 Assessed by reference to the level in similar real estate, the estimated amount and actual results in
previous years.
Utilities expenses 389 Assessed by reference to changes in actual results in the past, etc.
Repair expenses 36 The annual average amount of repair expenses, etc. in the engineering report is posted.
PM fees 25 Assessed based on the current contract.
Tenant recruitment expenses, etc. 6 Assessed based on the level of tenant recruitment expenses of similar real estate and actual results in
the past, etc.
Taxes and public dues 108 Posted based on the actual amount in FY2016.
Non-life insurance premiums 3 Posted based on an estimated amount.
Other expenses 9 Assessed by reference to the actual values of miscellaneous expenses, the reserve fund and charges
for the use of facilities on the adjacent land, etc.
Net operating income 1,228
Gains on lump-sum payment 13 Investment gains are assessed on the assumption that the investment return is 2.0%.
Capital expenditures 153
Assessed in consideration of the annual average amount of renewal expenses in the engineering report
and the construction management fees on the assumption of accumulating capital expenditures in an
average manner every fiscal period.
Net cash flow 1,088
Capitalization rate 4.5% Assessed comprehensively by taking into account the location conditions, building conditions and
other conditions of the real estate in question.
Price based on DCF method 23,600
Discount rate 4.3% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to investment yields in transactions of similar real estate.
Final capitalization rate 4.7% Assessed comprehensively by taking into account the future trend of the investment yield, the risks of
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and rents by reference to the market yields of similar real
estate.
Cost approach value 15,700
Ratio of land 76.9%
Ratio of building 23.1%
Other matters to which the appraiser pays attention
in the appraisal Not applicable 。
Shinjuku Eastside Square
Overview of the Real Estate Appraisal Report
Appraised Value 10,050 million yen (Note 1)
Name of Appraiser Morii Appraisal & Investment Consulting, Inc.
Date of Appraisal September 1, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation (Note 2) 201,000 Estimated by correlating the price in the direct capitalization method with the price in the DCF
method.
Price based on the direct capitalization method
(Note 2) 204,000
Operating revenues (Note 2) 10,355
Potential gross revenues: Sum of (a)
through (d) (Note 2) 10,906
Stable rents over the medium to long term are assessed based on the current conditions.
Utilities revenues, parking revenues and other revenues are assessed based on actual results.
(a) Rental revenues from rooms for
rent including common area charges
(Note 2)
9,981
(b) Utilities revenues (Note 2) 683
(c) Parking revenues (Note 2) 95
(d) Other revenues (Note 2) 146
Losses such as vacant rooms (551) Assessed in consideration of the standard vacancy rate and the individuality of the real estate in
question.
Operating expenses (Note 2) 2,419
Maintenance expenses (Note 2) 631 Assessed based on the actual results by reference to the level in similar real estate.
Utilities expenses (Note 2) 691 Assessed based on the actual results by reference to the level in similar real estate.
Repair expenses (Note 2) 51 30% of the leveled amount of the estimate in the engineering report is posted, based on the judgement
that the estimate in the engineering report is reasonable.
PM fees (Note 2) 291 The fee in the current contract is used by reference to the level in similar real estate, based on the
judgement that the current contract is reasonable.
Tenant recruitment expenses, etc.
(Note 2) 102 Assessed in consideration of customs in the region and the vacancy rate of the real estate in question.
Taxes and public dues (Note 2) 631 Assessed based on the actual results in consideration of the fluctuation rate and devaluation over time,
etc.
Non-life insurance premiums (Note
2) 19
The premium in the current contract is used by reference to the level in similar real estate, based on
the judgement that the current contract is reasonable.
Other expenses (Note 2) - Not applicable
Net operating income (Note 2) 7,936
Gains on lump-sum payment (Note
2) 159
Assessed by multiplying the amount obtained by subtracting the amount equivalent to vacant rooms
from the key money at the time of full occupancy by the investment return.
Capital expenditures (Note 2) 120 70% of the leveled amount of the estimate in the engineering report is posted, based on the judgement
that the estimate in the engineering report is reasonable.
Net cash flow (Note 2) 7,975
Capitalization rate (Note 2) 3.9% Assessed by adding the volatility risk of revenues and the principal to the discount rate.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Price based on DCF method (Note 2) 197,000
Discount rate (Note 2) 3.7%
Assessed comprehensively by taking into account the market trend, etc. in consideration of risk
factors pertaining to the regional characteristics and individuality of the real estate in question, as well
as the basis yield.
Final capitalization rate (Note2) 4.1% Assessed in consideration of risks such as future uncertainty, as well as the capitalization rate.
Cost approach value (Note 2) 200,000
Ratio of land (Note 2) 79.1%
Ratio of building (Note 2) 20.9%
Araisal value (Note 1) 10,050
Other matters to which the appraiser pays attention
in the appraisal Not applicable 。
(Note 1) Of 10%, the percentage of co-ownership interest that constitutes the trust pertaining to trust beneficial interests that were acquired by MIRAI, the amount equivalent to 50%
of quasi-co-ownership interest is stated.
(Note 2) The values for the entire Shinjuku Eastside Square are stated.
Hillcoat Higashi-Shinjuku
Overview of the Real Estate Appraisal Report
Appraised Value 3,980 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 3,980
Price based on the direct capitalization method 4,010
Operating revenues Not disclosed (Note)
Potential gross revenues: Sum of (a)
through (d) Not disclosed (Note)
(a) Rental revenues from rooms for
rent including common area charges Not disclosed (Note)
(b) Utilities revenues Not disclosed (Note)
(c) Parking revenues Not disclosed (Note)
(d) Other revenues Not disclosed (Note)
Losses such as vacant rooms Not disclosed (Note)
Operating expenses Not disclosed (Note)
Maintenance expenses Not disclosed (Note)
Utilities expenses Not disclosed (Note)
Repair expenses Not disclosed (Note)
PM fees Not disclosed (Note)
Tenant recruitment expenses, etc. Not disclosed (Note)
Taxes and public dues Not disclosed (Note)
Non-life insurance premiums Not disclosed (Note)
Other expenses Not disclosed (Note)
Net operating income 181
Gains on lump-sum payment 3 Assessed in consideration of the current lease terms and those at the time of new contracts, the
occupancy rate and the investment return.
Capital expenditures 8 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 176
Capitalization rate 4.4%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each area,
in consideration of the future uncertainty and the market
Price based on DCF method 3,940
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Discount rate 4.1% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 4.5%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
Cost approach value 3,630
Ratio of land 88.0% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
Ratio of building 12.0%
Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and regional
characteristics, applying the cost method.
Other matters to which the appraiser pays attention in
the appraisal Not applicable
(Note) Because information for which disclosure consent is not obtained from the lessee and information from which the said information can be calculated are included,
disadvantages such as difficulty maintaining the lease contract for a long period of time due to the loss of the relationship of trust with the lessee will be created if these types
of information are disclosed, and eventually unitholders’ interests could be undermined. Accordingly, it has been decided not to disclose these types of information, except for
some items that are deemed not to pose a problem even if they are disclosed.
miumiu Kobe (land)
Overview of the Real Estate Appraisal Report
Appraised Value 6,560 million yen
Name of Appraiser Daiwa Real Estate Appraisal Co., Ltd
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 6,560 Assessed by the DCF method.
Price based on the DCF method 6,560
Operating revenues (The 1st Period) 324
Potential gross revenues 324 The asset manager decided that land rent based on the land lease contract is reasonable to be posted.
Losses such as vacant rooms - Not posted.
Operating expenses 5
PM fee 2 Assessed by reference to the PM fees of similar real estate.
Taxes and public dues 3 Posted based on the actual amount in FY2016.
Non-life insurance premiums 0
Net operating income 318
Gains on lump-sum payment 3 Investment gains are assessed on the assumption that the investment return is 2.0%.
Net cash flow 321
Discount rate 6.0% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to investment yields in transactions of similar real estate.
Other matters to which the appraiser pays attention in
the appraisal
The appraisal above has figured out the price of the ownership of land with land lease rights on the assumption of a land
lease from its commencement to the completion of the construction of a new building, and it has been determined by
estimating the income approach value based on the income capitalization approach. In the estimation of the income
approach value, it is figured out by appropriately reflecting changes in the future cash flows and sale price based on the
content of the current lease contract of ownership of land with land lease rights by applying the DCF method, and the
integrated price of the land and the building at the time of the expiration of the contract period (at the time of the
completion of the construction of the new building) and the discount rate, etc. are also assessed in consideration of the
usage, marketability and individuality of the real estate in question.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Shibuya World East Building
Overview of the Real Estate Appraisal Report
Appraised Value 3,220 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 3,220
Price based on the direct capitalization method 3,270
Operating revenues 167
Potential gross revenues: Sum of (a)
through (d) 170
Posted in consideration of the average revenues based on the current lease contract and the level of
revenues on the assumption of a new lease. Other revenues, etc. are posted in consideration of the
current management.
(a) Rental revenues from rooms for
rent including common area charges 154
(b) Utilities revenues 10
(c) Parking revenues -
(d) Other revenues 4
Losses such as vacant rooms (2) Posted in consideration of the occupancy conditions in the past and the occupancy conditions in
similar real estate in the same demand-supply area.
Operating expenses 34
Maintenance expenses 5 Posted in consideration of the individuality of the property in question by reference to expenses in
similar real estate, including actual amounts in previous years.
Utilities expenses 11 Posted in consideration of actual amounts in previous years and the individuality of the property in
question.
Repair expenses 2 Assessed in consideration of actual amounts in previous years, the level of expenses in similar real
estate and the annual average amount of repair and renewal expenses, etc. in the engineering report.
PM fees 3 Posted in consideration of fee rates in similar real estate and the individuality of the real estate in
question by reference to the fee system of the PM company.
Tenant recruitment expenses, etc. 1 The annual average amount that is assessed based on the estimated turnover period of the lessee is
posted.
Taxes and public dues 10 Assessed based on taxes and public dues in FY2016.
Non-life insurance premiums 0 Posted in consideration of the insurance policy and premium rates of similar buildings.
Other expenses - Not applicable
Net operating income 132
Gains on lump-sum payment 2 Assessed in consideration of the current lease terms and those at the time of new contracts, the
occupancy rate and the investment return.
Capital expenditures 6 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 127
Capitalization rate 3.9%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each area,
in consideration of the future uncertainty and the market
Price based on DCF method 3,160
Discount rate 3.7% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 4.1%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
Cost approach value 3,160
Ratio of land 95.3% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
Ratio of building 4.7% Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and regional
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
characteristics, applying the cost method.
Other matters to which the appraiser pays attention in
the appraisal Not applicable
AEON Kasai
Overview of the Real Estate Appraisal Report
Appraised Value 9,420 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016年
(Amount: million yen)
Item Details Remarks, etc.
Valuation 9,420
Price based on the direct capitalization method 9,450
Operating revenues Not disclosed (Note)
Potential gross revenues: Sum of (a)
through (d) Not disclosed (Note)
(a) Rental revenues from rooms for
rent including common area charges Not disclosed (Note)
(b) Utilities revenues Not disclosed (Note)
(c) Parking revenues Not disclosed (Note)
(d) Other revenues Not disclosed (Note)
Losses such as vacant rooms Not disclosed (Note)
Operating expenses Not disclosed (Note)
Maintenance expenses Not disclosed (Note)
Utilities expenses Not disclosed (Note)
Repair expenses Not disclosed (Note)
PM fees Not disclosed (Note)
Tenant recruitment expenses, etc. Not disclosed (Note)
Taxes and public dues Not disclosed (Note)
Non-life insurance premiums Not disclosed (Note)
Other expenses Not disclosed (Note)
Net operating income 495
Gains on lump-sum payment Not disclosed (Note)
Capital expenditures 7 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 491
Capitalization rate 5.2%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each
area, in consideration of the future uncertainty and the market
Price based on DCF method 9,390
Discount rate 4.8% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 5.4%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
Cost approach value 8,770
Ratio of land 86.2% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
Ratio of building 13.8%
Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and
regional characteristics, applying the cost method.
Other matters to which the appraiser pays attention in Not applicable
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
the appraisal
(Note) Because information for which disclosure consent is not obtained from the lessee and information from which the said information can be calculated are included,
disadvantages such as difficulty maintaining the lease contract for a long period of time due to the loss of the relationship of trust with the lessee will be created if these types
of information are disclosed, and eventually unitholders’ interests could be undermined. Accordingly, it has been decided not to disclose these types of information, except for
some items that are deemed not to pose a problem even if they are disclosed.
DAIKI Izumi-Chuo
Overview of the Real Estate Appraisal Report
Appraised Value 3,070 million yen
Name of Appraiser Daiwa Real Estate Appraisal Co., Ltd
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 3,070 Assessed by conducting verification based on the income approach value in the direct
capitalization method, with the income approach value in the DCF method as the standard.
Price based on the direct capitalization method 3,100 Assessed by discounting the stable net cash flow over the medium to long term using the
capitalization rate.
Operating revenues Not disclosed (Note)
Potential gross revenues: Sum of (a)
through (d) Not disclosed (Note)
(a) Rental revenues from rooms for
rent including common area charges Not disclosed (Note)
(b) Utilities revenues Not disclosed (Note)
(c) Parking revenues Not disclosed (Note)
(d) Other revenues Not disclosed (Note)
Losses such as vacant rooms Not disclosed (Note)
Operating expenses Not disclosed (Note)
Maintenance expenses Not disclosed (Note)
Utilities expenses Not disclosed (Note)
Repair expenses Not disclosed (Note)
PM fees Not disclosed (Note)
Tenant recruitment expenses, etc. Not disclosed (Note)
Taxes and public dues Not disclosed (Note)
Non-life insurance premiums Not disclosed (Note)
Other expenses Not disclosed (Note)
Net operating income 160
Gains on lump-sum payment Not disclosed (Note)
Capital expenditures 4
Assessed in consideration of the annual average amount of renewal expenses in the engineering
report and the construction management fees on the assumption of accumulating capital
expenditures in an average manner every fiscal period.
Net cash flow 158
Capitalization rate 5.1% Assessed comprehensively by taking into account the location conditions, building conditions and
other conditions of the real estate in question.
Price based on DCF method 3,060
Discount rate 4.9% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to investment yields in transactions of similar real estate.
Final capitalization rate 5.3%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and rents by reference to the market yields of similar
real estate.
Cost approach value 3,420
Ratio of land 75.1%
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40
Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Ratio of building 24.9%
Other matters to which the appraiser pays attention in
the appraisal Not applicable
(Note) Because information for which disclosure consent is not obtained from the lessee and information from which the said information can be calculated are included,
disadvantages such as difficulty maintaining the lease contract for a long period of time due to the loss of the relationship of trust with the lessee will be created if these types
of information are disclosed, and eventually unitholders’ interests could be undermined. Accordingly, it has been decided not to disclose these types of information, except for
some items that are deemed not to pose a problem even if they are disclosed.
Hotel Sunroute Niigata
Overview of the Real Estate Appraisal Report
Appraised Value 2,210 million yen
Name of Appraiser Daiwa Real Estate Appraisal Co., Ltd
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 2,210 Assessed by conducting verification based on the income approach value in the direct
capitalization method, with the income approach value in the DCF method as the standard.
Price based on the direct capitalization method 2,200 Assessed by discounting the stable net cash flow over the medium to long term using the
capitalization rate.
Operating revenues 156
Potential gross revenues: Sum of (a)
through (d) 156
(a) Rental revenues from rooms for
rent including common area charges 156 Assessed based on the current rent
(b) Utilities revenues - Incurred by the tenant
(c) Parking revenues -
(d) Other revenues 0 Power pole usage fees are posted.
Losses such as vacant rooms - Not posted on the assumption of the long-term occupancy of the tenant.
Operating expenses 18
Maintenance expenses - Incurred by the tenant
Utilities expenses - Incurred by the tenant
Repair expenses 4 Assessed in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees 2 The amount of the contract is posted based on the judgement that it is reasonable.
Tenant recruitment expenses, etc. - Not posted on the assumption of the long-term occupancy of the tenant.
Taxes and public dues 10 Posted based on the actual amount in FY2016.
Non-life insurance premiums 0 Posted based on an estimated amount.
Other expenses 0 Assessed by reference to the actual amounts of miscellaneous expenses and the reserve fund.
Net operating income 137
Gains on lump-sum payment 3 Investment gains are assessed on the assumption that the investment return is 2.0%.
Capital expenditures 19
Assessed in consideration of the level of capital expenditures in similar real estate and the annual
average amount of repair and renewal expenses in the engineering report on the assumption of
accumulating capital expenditures in an average manner each fiscal period.
Net cash flow 121
Capitalization rate 5.5% Assessed comprehensively by taking into account the location conditions, building conditions and
other conditions of the real estate in question.
Price based on DCF method 2,210
Discount rate 5.3% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to investment yields in transactions of similar real estate.
Final capitalization rate 5.7%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and rents by reference to the market yields of similar
real estate.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Cost approach value 1,420
Ratio of land 52.8%
Ratio of building 47.2%
Other matters to which the appraiser pays attention in
the appraisal Not applicable
Daiwa Roynet Hotel Akita
Overview of the Real Estate Appraisal Report
Appraised Value 2,170 million yen
Name of Appraiser Daiwa Real Estate Appraisal Co., Ltd
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 2,170 Assessed by conducting verification based on the income approach value in the direct
capitalization method, with the income approach value in the DCF method as the standard.
Price based on the direct capitalization method 2,140 Assessed by discounting the stable net cash flow over the medium to long term using the
capitalization rate.
Operating revenues 138
Potential gross revenues: Sum of (a)
through (d) 138
(a) Rental revenues from rooms for
rent including common area charges 138 Assessed based on the current rent
(b) Utilities revenues - Incurred by the tenant
(c) Parking revenues -
(d) Other revenues -
Losses such as vacant rooms - Not posted on the assumption of the long-term occupancy of the tenant.
Operating expenses 19
Maintenance expenses - Incurred by the tenant
Utilities expenses - Incurred by the tenant
Repair expenses 1 Assessed in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees 2 The amount of the contract is posted based on the judgement that it is reasonable.
Tenant recruitment expenses, etc. - Not posted on the assumption of the long-term occupancy of the tenant.
Taxes and public dues 15 Posted based on the actual amount in FY2016.
Non-life insurance premiums 0 Posted based on an estimated amount.
Other expenses 0 Assessed by reference to the actual amounts of miscellaneous expenses and the reserve fund.
Net operating income 118
Gains on lump-sum payment 2 Investment gains are assessed on the assumption that the investment return is 2.0%.
Capital expenditures 4
Assessed in consideration of the level of capital expenditures in similar real estate and the annual
average amount of repair and renewal expenses in the engineering report on the assumption of
accumulating capital expenditures in an average manner each fiscal period.
Net cash flow 115
Capitalization rate 5.4% Assessed comprehensively by taking into account the location conditions, building conditions and
other conditions of the real estate in question.
Price based on DCF method 2,180
Discount rate 5.2% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to investment yields in transactions of similar real estate.
Final capitalization rate 5.6%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and rents by reference to the market yields of similar
real estate.
Cost approach value 1,300
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42
Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Ratio of land 12.0%
Ratio of building 88.0%
Other matters to which the appraiser pays attention in
the appraisal Not applicable
Super Hotel Sendai / Hirosedori
Overview of the Real Estate Appraisal Report
Appraised Value 1,500 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 1,500
Price based on the direct capitalization method 1,510
Operating revenues 88
Potential gross revenues: Sum of (a)
through (d) 88
(a) Rental revenues from rooms for
rent including common area charges 88
Operating revenues are posted based on the content of the current building lease contract, the
management situation of the hotel, the rent level on the assumption of newly leasing out to the
hotel, and the attributes of the lessee, etc.
(b) Utilities revenues -
(c) Parking revenues -
(d) Other revenues -
Losses such as vacant rooms - Losses such as vacant rooms are not posted by comprehensively evaluating the content of the
building lease contract and the attributes and credit strength, etc. of the lessee.
Operating expenses 12
Maintenance expenses - Not posted because maintenance expenses are incurred by the lessee.
Utilities expenses - Not posted because maintenance expenses are incurred by the lessee.
Repair expenses 1 Posted in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees -
Tenant recruitment expenses, etc. - Not posted, as a change is not assumed.
Taxes and public dues 10 Assessed based on taxes and public dues in FY2016.
Non-life insurance premiums 0 Posted in consideration of the insurance policy and premium rates of similar buildings.
Other expenses - Not applicable
Net operating income 75
Gains on lump-sum payment 0 Assessed in consideration of the current lease terms, occupancy rate and investment return.
Capital expenditures 3 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 72
Capitalization rate 4.8%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each
area, in consideration of the future uncertainty and the market
Price based on DCF method 1,480
Discount rate 4.6% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 5.0%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
Cost approach value 1,420
Ratio of land 75.8% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Ratio of building 24.2%
Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and
regional characteristics, applying the cost method.
Other matters to which the appraiser pays attention in
the appraisal Not applicable
Super Hotel Osaka / Tennoji
Overview of the Real Estate Appraisal Report
Appraised Value 1,530 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 1,530
Price based on the direct capitalization method 1,550
Operating revenues 75
Potential gross revenues: Sum of (a)
through (d) 75
(a) Rental revenues from rooms for
rent including common area charges 75
Operating revenues are posted based on the content of the current building lease contract, the
management situation of the hotel, the rent level on the assumption of newly leasing out to the
hotel, and the attributes of the lessee, etc.
(b) Utilities revenues -
(c) Parking revenues -
(d) Other revenues -
Losses such as vacant rooms - Losses such as vacant rooms are not posted by comprehensively evaluating the content of the
building lease contract and the attributes and credit strength, etc. of the lessee.
Operating expenses 7
Maintenance expenses 0 Office costs and miscellaneous expenses are posted.
Utilities expenses - Not posted because maintenance expenses are incurred by the lessee.
Repair expenses 0 Posted in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees -
Tenant recruitment expenses, etc. - Not posted, as a change is not assumed.
Taxes and public dues 6 Assessed based on taxes and public dues in FY2016.
Non-life insurance premiums 0 Posted in consideration of the insurance policy and premium rates of similar buildings.
Other expenses - Not applicable
Net operating income 68
Gains on lump-sum payment 0 Assessed in consideration of the current lease terms, occupancy rate and investment return.
Capital expenditures 0 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 68
Capitalization rate 4.4%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each
area, in consideration of the future uncertainty and the market
Price based on DCF method 1,510
Discount rate 4.2% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 4.6%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
Cost approach value 810
Ratio of land 74.3% Calculated by assessing the land price based on actual transaction prices, applying the sales
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Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
comparison approach.
Ratio of building 25.7%
Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and
regional characteristics, applying the cost method.
Other matters to which the appraiser pays attention in
the appraisal Not applicable
Super Hotel Saitama / Omiya
Overview of the Real Estate Appraisal Report
Appraised Value 1,190 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 1,190
Price based on the direct capitalization method 1,200
Operating revenues 71
Potential gross revenues: Sum of (a)
through (d) 71
(a) Rental revenues from rooms for
rent including common area charges 71
Operating revenues are posted based on the content of the current building lease contract, the
management situation of the hotel, the rent level on the assumption of newly leasing out to the
hotel, and the attributes of the lessee, etc.
(b) Utilities revenues -
(c) Parking revenues -
(d) Other revenues -
Losses such as vacant rooms - Losses such as vacant rooms are not posted by comprehensively evaluating the content of the
building lease contract and the attributes and credit strength, etc. of the lessee.
Operating expenses 10
Maintenance expenses - Not posted because maintenance expenses are incurred by the lessee.
Utilities expenses - Not posted because maintenance expenses are incurred by the lessee.
Repair expenses 1 Posted in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees -
Tenant recruitment expenses, etc. - Not posted, as a change is not assumed.
Taxes and public dues 8 Posted based on taxes and public dues in FY2016.
Non-life insurance premiums 0 Posted in consideration of the insurance policy and premium rates of similar buildings.
Other expenses - Not applicable
Net operating income 60
Gains on lump-sum payment 0 Assessed in consideration of the current lease terms, occupancy rate and investment return.
Capital expenditures 4 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 57
Capitalization rate 4.8%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each
area, in consideration of the future uncertainty and the market
Price based on DCF method 1,170
Discount rate 4.6% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 5.0%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
Cost approach value 1,080
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Ratio of land 66.6% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
Ratio of building 33.4%
Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and
regional characteristics, applying the cost method.
Other matters to which the appraiser pays attention in
the appraisal Not applicable
Super Hotel Kyoto Karasuma Gojo
Overview of the Real Estate Appraisal Report
Appraised Value 1,250 million yen
Name of Appraiser The Japan Real Estate Institute
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 1,250
Price based on the direct capitalization method 1,270
Operating revenues 62
Potential gross revenues: Sum of (a)
through (d) 62
(a) Rental revenues from rooms for
rent including common area charges 62
Operating revenues are posted based on the content of the current building lease contract, the
management situation of the hotel, the rent level on the assumption of newly leasing out to the
hotel, and the attributes of the lessee, etc.
(b) Utilities revenues -
(c) Parking revenues -
(d) Other revenues 0
Losses such as vacant rooms - Losses such as vacant rooms are not posted by comprehensively evaluating the content of the
building lease contract and the attributes and credit strength, etc. of the lessee.
Operating expenses 6
Maintenance expenses - Not posted because maintenance expenses are incurred by the lessee.
Utilities expenses - Not posted because maintenance expenses are incurred by the lessee.
Repair expenses 0 Posted in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees -
Tenant recruitment expenses, etc. - Not posted, as a change is not assumed.
Taxes and public dues 6 Posted based on taxes and public dues in FY2016.
Non-life insurance premiums 0 Posted in consideration of the insurance policy and premium rates of similar buildings.
Other expenses - Not applicable
Net operating income 55
Gains on lump-sum payment 0 Assessed in consideration of the current lease terms, occupancy rate and investment return.
Capital expenditures 0 Assessed in consideration of the level in similar real estate, the age and the annual average amount
of repair and renewal expenses, etc. in the engineering report.
Net cash flow 55
Capitalization rate 4.4%
Assessed by adding and subtracting spreads attributable to the location conditions, building
conditions and other conditions of the real estate in question to and from the basis yield in each
area, in consideration of the future uncertainty and the market
Price based on DCF method 1,230
Discount rate 4.1% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to the investment yield in transactions of similar real estate.
Final capitalization rate 4.7%
Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
growth rate, and trends in real estate prices and ren
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Cost approach value 761
Ratio of land 74.6% Calculated by assessing the land price based on actual transaction prices, applying the sales
comparison approach.
Ratio of building 25.4%
Calculated by assessing the building price by multiplying the replacement value in the case of
replacing the building by the discounted rate judged according to the current conditions and
regional characteristics, applying the cost method.
Other matters to which the appraiser pays attention in
the appraisal Not applicable
Comfort Hotel Shin-Yamaguchi
Overview of the Real Estate Appraisal Report
Appraised Value 944 million yen
Name of Appraiser Daiwa Real Estate Appraisal Co., Ltd
Date of Appraisal June 30, 2016
(Amount: million yen)
Item Details Remarks, etc.
Valuation 944 Assessed by conducting verification based on the income approach value in the direct capitalization
method, with the income approach value in the DCF method as the standard.
Price based on the direct capitalization method 941 Assessed by discounting the stable net cash flow over the medium to long term using the
capitalization rate.
Operating revenues 60
Potential gross revenues: Sum of (a)
through (d) 60
(a) Rental revenues from rooms for
rent including common area charges 59 Assessed based on the current rent
(b) Utilities revenues - Incurred by the tenant
(c) Parking revenues 0 Assessed based on the current rent.
(d) Other revenues 0 Power pole usage fees are posted.
Losses such as vacant rooms - Not posted on the assumption of the long-term occupancy of the tenant.
Operating expenses 9
Maintenance expenses - Incurred by the tenant
Utilities expenses - Incurred by the tenant
Repair expenses 2 Assessed in consideration of the level of expenses in similar real estate and the annual average
amount of repair and renewal expenses, etc. in the engineering report.
PM fees 1 The amount of the contract is posted based on the judgement that it is reasonable.
Tenant recruitment expenses, etc. - Not posted on the assumption of the long-term occupancy of the tenant.
Taxes and public dues 6 Posted based on the actual amount in FY2016.
Non-life insurance premiums 0 Posted based on an estimated amount.
Other expenses 0 Assessed by reference to the actual amounts of miscellaneous expenses and the reserve fund.
Net operating income 50
Gains on lump-sum payment 0 Investment gains are assessed on the assumption that the investment return is 2.0%.
Capital expenditures 1
Assessed in consideration of the level of capital expenditures in similar real estate and the annual
average amount of repair and renewal expenses in the engineering report on the assumption of
accumulating capital expenditures in an average manner each fiscal period.
Net cash flow 49
Capitalization rate 5.3% Assessed comprehensively by taking into account the location conditions, building conditions and
other conditions of the real estate in question.
Price based on DCF method 945
Discount rate 5.1% Assessed comprehensively by taking into account the individuality of the real estate in question by
reference to investment yields in transactions of similar real estate.
Final capitalization rate 5.5% Assessed comprehensively by taking into account the future trend of the investment yield, the risks
of the real estate in question as an investment instrument, general forecasts for the future economic
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
growth rate, and trends in real estate prices and rents by reference to the market yields of similar
real estate.
Cost approach value 568
Ratio of land 15.6%
Ratio of building 84.4%
Other matters to which the appraiser pays attention in
the appraisal Not applicable
(End)
* Homepage address for MIRAI: http://3476.jp
This press release is the English translation of the announcement in Japanese on MIRAI`s website. However, no
assurance or warranties are given for the completeness or accuracy of this English translation.
<Accompanying Materials >
Reference Material 1 Summary of Appraisal Reports
Reference Material 2 Summary of Engineering Report
Reference Material 3 Overview of Seismic Risk Assessment Report
Reference Material 4 Map and Exterior Photos
Reference Material 5 Portofolio List
Reference Material 6 Status of Security
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Reference Material 1 Summary of Appraisal Reports
Property Name Appraiser Date of
Appraisal
Appraised Value of
Real Estate
(million yen)
(Note 1)
Direct Capitalization
Method DCF Method
Appraised NOI
(thousand yen)
(Note 2)
Appraised
NOI Yield (%)
(Note 3) Valuation
(million yen)
Capitaliz
ation Rate
(%)
Valuation
(million yen)
Discount
rate
(%)
Final
Capitalizati
on Rate
(%)
Shinagawa Seaside Park Tower The Japan Real Estate Institute June 30,
2016 32,100 32,300 4.4 31,900 4.0 4.5 1,417,850 4.4
Kawasaki Tech Center Daiwa Real Estate Appraisal
Co., Ltd
June 30,
2016 23,800 24,200 4.5 23,600 4.3 4.7 1,189,318 5.1
Shinjuku Eastside Square Morii Appraisal & Investment
Consulting, Inc.
June 30,
2016 10,050 10,200 3.9 9,850 3.7 4.1 375,361 3.8
Hillcoat Higashi-Shinjuku The Japan Real Estate Institute June 30,
2016 3,980 4,010 4.4 3,940 4.1 4.5 181,616 4.7
Office (4 properties) 69,930 70,710 - 69,290 - - 3,164,145 4.6
miumiu Kobe (land) (Note 4) Daiwa Real Estate Appraisal
Co., Ltd
June 30,
2016 6,560 7,370 4.3 7,180 4.1 4.5 314,339 4.7
Shibuya World East
Building The Japan Real Estate Institute
June 30,
2016 3,220 3,270 3.9 3,160 3.7 4.1 132,267 4.1
AEON Kasai The Japan Real Estate Institute June 30,
2016 9,420 9,450 5.2 9,390 4.8 5.4 495,542 5.3
DAIKI Izumi-Chuo Daiwa Real Estate Appraisal
Co., Ltd
June 30,
2016 3,070 3,100 5.1 3,060 4.9 5.3 160,732 5.4
Retail (4 properties) 22,270 23,190 - 22,790 - - 1,102,880 4.9
Hotel Sunroute Niigata Daiwa Real Estate Appraisal
Co., Ltd
June 30,
2016 2,210 2,200 5.5 2,210 5.3 5.7 137,942 6.5
Daiwa Roynet Hotel Akita Daiwa Real Estate Appraisal
Co., Ltd
June 30,
2016 2,170 2,140 5.4 2,180 5.2 5.6 118,927 5.8
Super Hotel Sendai /
Hirosedori The Japan Real Estate Institute
June 30,
2016 1,500 1,510 4.8 1,480 4.6 5.0 75,715 5.9
Super Hotel Osaka /
Tennoji The Japan Real Estate Institute
June 30,
2016 1,530 1,550 4.4 1,510 4.2 4.6 68,057 5.4
Super Hotel Saitama /
Omiya The Japan Real Estate Institute
June 30,
2016 1,190 1,200 4.8 1,170 4.6 5.0 60,982 5.4
Super Hotel Kyoto
karasumi Gojo The Japan Real Estate Institute
June 30,
2016 1,250 1,270 4.4 1,230 4.1 4.7 55,967 5.4
Comfort Hotel Shin-
Yamaguchi
Daiwa Real Estate Appraisal
Co., Ltd
June 30,
2016 944 941 5.3 945 5.1 5.5 50,997 5.7
Hotel (7 properties) 10,794 10,811 - 10,725 - - 568,588 5.8
Total (15 properties) 102,994 104,711 - 102,805 - - 4,835,614 4.8
(Note 1) “Appraised Value of Real Estate” shows the appraised value stated in each real estate appraisal report, with June 30, 2016 and September 1, 2016 as the dates of appraisal, and the real estate
appraisal of the properties is commissioned to Daiwa Real Estate Appraisal Co., Ltd., Morii Appraisal & Investment Consulting Inc. and Japan Real Estate Institute. The same shall apply below.
(Note 2) “Appraised NOI” refers to the net operating income (NOI) that is obtained by subtracting operating expenses from operating revenues stated in the appraisal report, and it is income
before subtracting depreciation. It differs from net cash flow (NCF), which is obtained by adding investment gains on security deposits, etc. to NOI and subtracting capital
expenditures. The appraised NOI mentioned above is NOI in the first fiscal period (the second or third fiscal period if there is a special factor in the first fiscal period) based on
the DCF method. The appraised NOI is rounded down to the nearest thousand yen. However, for trust real estate pertaining to trust beneficial interests that are quasi-co-owned by
MIRAI, the amount that is obtained by multiplying the appraised NOI of the trust real estate by the percentage of co-ownership interest is stated by rounding off to the nearest
thousand yen.
(Note 3) For the “Appraised NOI Yield,” the value calculated using the calculation formula below is stated by rounding off to one decimal place.
Appraised NOI of each acquired asset ÷ Purchase price of each acquired asset
In the subtotal section and the total section, the weighted average based on the purchase price is stated.
(Note 4) With respect to “miumiu Kobe (land),” because only the land has been acquired as of today, only the price of the land is stated in the appraised value. However, the income approach
value based on the direct capitalization method and the DCF method, the appraised NOI and the appraised NOI yield are the values for the land and the building that are
calculated in consideration of the estimated price (400 million yen) of the building that is expected to be delivered after the completion of its construction on the land at the time
of its acquisition. If only the acquisition of the land is assumed, the appraised NOI yield based only on the purchase price of the land is 5.0%.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Reference Material 2 Summary of Engineering Report
Property Name Survey Company Date of the report
Urgent Repairs
(thousand yen)
(Note 1) (Note 3)
Long-term Repairs
(thousand yen)
(Note 2) (Note 3)
Shinagawa Seaside Park Tower Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 127,273
Kawasaki Tech Center Daiwa Real Estate Appraisal Co., Ltd May, 2016 - 187,295
Shinjuku Eastside Square Tokio Marine & Nichido Risk Consulting Co., Ltd. August, 2016 - 8,577
Hillcoat Higashi-Shinjuku Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 11,665
miumiu Kobe (land) (Note 4) - - - -
Shibuya World East Building Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 9,074
AEON Kasai Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 10,640
DAIKI Izumi-Chuo High International Consultant Co., Ltd. May, 2016 870 4,156
Hotel Sunroute Niigata Daiwa Real Estate Appraisal Co., Ltd May, 2016 - 24,411
Daiwa Roynet Hotel Akita Daiwa Real Estate Appraisal Co., Ltd May, 2016 - 2,034
Super Hotel Sendai / Hirosedori Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 5,483
Super Hotel Osaka / Tennoji Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 731
Super Hotel Saitama / Omiya Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 5,954
Super Hotel Kyoto karasuma Gojo Tokio Marine & Nichido Risk Consulting Co., Ltd. May, 2016 - 820
Comfort Hotel Shin-Yamaguchi Daiwa Real Estate Appraisal Co., Ltd May, 2016 - 3,675
(Note 1) For “Urgent/Short-term Repairs,” expenses that are stated as repair and renewal expenses that are deemed necessary urgently or within approximately one year in the building
condition inspection report are stated by rounding down to the nearest thousand yen.
(Note 2) For “Long-term Repairs,” the annual average amount or the amount converted to the annual average amount of expenses stated as repair and renewal expenses that are expected in
the next 12 years in the building condition inspection report is stated by rounding down to the nearest thousand yen. Shinagawa Seaside Park Tower is a unit ownership building,
and therefore the amount converted to the annual average amount of a reference value stated as repair and renewal expenses for communal areas that are expected over the next 10
years in the building condition inspection report is added to the long-term repair expenses for exclusive elements.
(Note 3) For “Urgent/Short-term Repair Expenses” and “Long-term Repair Expenses,” the amounts equivalent to the percentage of ownership interest in each acquired asset are stated.
(Note 4) For “miumiu Kobe (land),” the soil assessment report is obtained from Tokio Marine & Nichido Risk Consulting Co., Ltd.
(Note 5) For “DAIKI Izumi Chuo Store,” repair and renewal expenses that are expected to be needed in the next year are calculated as “Urgent/Short-term Repair Expenses,” and other items
are calculated on the assumption that they are included in “Long-term Repair Expenses.”
Reference Material 3 Overview of Seismic Risk Assessment Report
Property Name
PML Value
(%)
(Note 1)
Shinagawa Seaside Park Tower 3.1
Kawasaki Tech Center 2.6
Shinjuku Eastside Square 2.3
Hillcoat Higashi-Shinjuku 6.1
miumiu Kobe (land) -(Note 2)
Shibuya World East Building 9.1
AEON Kasai 10.2
DAIKI Izumi-Chuo 14.0
Hotel Sunroute Niigata 7.7
Daiwa Roynet Hotel Akita 4.7
Super Hotel Sendai / Hirosedori 5.9
Super Hotel Osaka / Tennoji 14.3
Super Hotel Saitama / Omiya 5.3
Super Hotel Kyoto Karasuma Gojo 13.1(Note 3)
Comfort Hotel Shin-Yamaguchi 7.7
Portfolio PML 3.2
(Note 1) The PML value is stated based on the “Seismic Risk Assessment and Portfolio Analysis Report on 14 Properties and Buildings” of Tokio Marine & Nichido Risk Consulting Co., Ltd.
dated September 2016.
(Note 2) For “miumiu Kobe (land),” the PML value is not stated because only the land has been acquired and the building has not been acquired as of today.
(Note 3) A value in the detailed inspection (Phase 2) is stated.
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Reference Material 4 Map and Exterior Photos
Shinagawa Seaside Park tower
An Exterior Photo Map
Kawasaki Tech Center
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Shinjuku Eastside Square
An Exterior Photo Map
Hillcoat Higashi-Shinjuku
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
miumiu Kobe (land)
An Exterior Image (Expected) Map
Shibuya World East Building
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
AEON Kasai
An Exterior Photo Map
DAIKI Izumi-Chuo
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Hotel Sunroute Niigata
An Exterior Photo Map
Daiwa Roynet Hotel Akita
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Super Hotel Sendai / Hirosedori
An Exterior Photo Map
Super Hotel Osaka / Tennoji
An Exterior Photo Map
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Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Super Hotel Saitama / Omiya
An Exterior Photo Map
Super Hotel Kyoto Karasuma Gojo
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Comfort Hotel Shin-Yamaguchi
An Exterior Photo Map
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Note: This press release is a document that is released publicity relating to the completed acquisition of real estate trust beneficiaries in
Japan by MIRAI, and it is not prepared for the purpose of soliciting investments.
Reference Material 5 Portofolio List
Property Name Purchase Price
(million yen)
Investment Ratio
(%)
Appraised Value of Real Estate
(million yen) Date of Acquisition
Shinagawa Seaside Park Tower (Note 1) 32,000 31.8 32,100 December 16, 2016
Kawasaki Tech Center 23,182 23.0 23,800 December 16, 2016
Shinjuku Eastside Square (Note 1) 10,000 9.9 10,050 December 16, 2016
Hillcoat Higashi-Shinjuku 3,900 3.9 3,980 December 16, 2016
miumiu Kove (land) (Note 2) 6,300 6.3 6,560 December 16, 2016
Shibuya World East Building 3,200 3.2 3,220 December 16, 2016
AEON Kasai 9,420 9.4 9,420 December 16, 2016
DAIKI Izumi-Chuo 3,000 3.0 3,070 December 16, 2016
Hotel Sunroute Niigata 2,108 2.1 2,210 December 16, 2016
Daiwa Roynet Hotel Akita 2,042 2.0 2,170 December 16, 2016
Super Hotel Sendai / Hirosedori 1,280 1.3 1,500 December 16, 2016
Super Hotel Osaka / Tennoji 1,260 1.3 1,530 December 16, 2016
Super Hotel Saitama / Omiya 1,123 1.1 1,190 December 16, 2016
Super Hotel Kyoto Karasuma Gojo 1,030 1.0 1,250 December 16, 2016
Comfort Hotel Shin-Yamaguchi 902 0.9 944 December 16, 2016
Total / Average 100,747 100.0 102,994 -
(Note 1) If the acquired asset is a unit ownership or (quasi) co-ownership asset, values pertaining to the percentage of unit ownership or (quasi) co-ownership interest of MIRAI are stated. Accordingly, for
“Shinjuku Eastside Square,” values equivalent to 5% of the entire property are stated, in principle, and if the values for the entire property are to be stated, a statement to that effect will be made. For
“Shinagawa Seaside Park Tower,” because the appraisals of all the acquired assets of MIRAI are stated in the real estate appraisal report obtained by MIRAI, the value stated in the real estate appraisal
report is stated as it is.
(Note 2) For “miumiu Kobe (land),” because only the land has been acquired as of today and the building will not be acquired, only the amount of the land is stated for the purchase price and the appraised value of
real estate.
Reference Material 6 Status of Security
None of the acquired assets are set as security after MIRAI has acquired them.
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